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VeChain Price Analysis: What’s Next for VET?

VeChain VET CRASH: Is It Time To BUY?
VeChain VET CRASH: Is It Time To BUY?

In this article, we will discuss the recent price action of VeChain (VET) and speculate on its potential future movements. We will explore different wave patterns and key support and resistance levels.

Recent Price Action

VeChain has been in a downtrend since reaching its all-time high of $0.28 in April 2021. The price has recently fallen below the $0.03 support level and is currently trading around $0.025.

Wave Patterns

Nick from Cheeky Crypto believes that VeChain’s price is currently in a c-wave movement, which is the third wave of a five-wave impulsive movement. This suggests that the price could continue to decline in the short term.

However, Nick also notes that the one-hour timeframe on the Bitget exchange shows a potential bullish divergence, which is a technical indicator that suggests a reversal may be imminent.

Support and Resistance Levels

The daily, weekly, and monthly timeframes all show key support and resistance levels. The key support level is at $0.025, and the key resistance level is at $0.03.

Bullish Outlook

Nick believes that VeChain could see a potential bullish surge in the future. He mentions specific price targets of $0.143 and $0.198. However, he also believes that the bear market may continue for a while.

Conclusion

The future price of VeChain is uncertain. However, the recent price action and wave patterns suggest that the price could continue to decline in the short term. However, there are also some bullish signs, such as the potential bullish divergence on the one-hour timeframe. Ultimately, investors should do their own research before making any investment decisions.

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