Cheeky Crypto’s Nick dives into VeChain’s (VET) recent price action, employing Elliott Wave Theory to identify potential support and resistance levels.
The cryptocurrency market continues to exhibit volatility, and VeChain (VET) is no exception. In a recent analysis by Cheeky Crypto’s Nick, the 1-hour Binance chart reveals a corrective move to the downside, suggesting a deeper move according to Elliott Wave Theory. Potential downside targets are estimated between 1.562 and 1.56, with an expected internal structure comprising A, B, and C waves.
Despite the bearish outlook, a bounce from lower levels around 1.58-1.1516 is anticipated. The overall bearish structure with resistance at the 200 EMA indicates a potential pullback before a rally. Nick proposes a trading strategy for a long position with a stop loss, emphasizing caution amidst market uncertainty.
Expanding the analysis to the daily timeframe, the Z Wave pattern between 1.21 and 1.54 is targeted, followed by a potential rally towards the 200 EMA. However, the overall bearish trend with lower highs and lows persists. While lower support levels are possible, 1.1 cents remains a key level. The weekly timeframe paints the most bearish scenario, with a potential drop to 0.811.
Despite the current bearish sentiment, VeChain is expected to perform well in the next bullish market. Nick encourages viewers to subscribe and stay updated with Cheeky Crypto’s content for ongoing market analysis and insights.