Vechain, an Enterprise-grade layer 1 blockchain has announced a partnership with Singularity Net, a decentralized artificial intelligence (AI) network. The partnership aims to use AI and blockchain to address climate change.
The news of the partnership has sent Vechain’s price soaring, and it is now trading at its highest level in months. However, technical analysis suggests that the price could still have further downside.
The one-hour chart shows that Vechain is currently trading below the 50-day moving average and the relative strength index (RSI) is in overbought territory. This suggests that the price could fall further before finding support.
The one-day chart shows that Vechain is forming a corrective structure, which could lead to a further decline in the price. The target area for the decline is between $0.05 and $0.06.
However, JB from Cheeky Crypto believes that Vechain could rebound in the long term. He points to the partnership with Singularity Net as a positive development that could help to drive the price higher. He also believes that the upcoming bull market could be kind to Vechain.
JB also discusses trading strategies for Vechain. He suggests that traders should use stop losses to protect their profits. He also recommends that traders use technical analysis to identify potential entry and exit points.
JB also promotes Cheeky Crypto’s membership website, which provides crypto education, articles, data analysis, and more. He also promotes exchanges like Bitget, which offer trading competitions and other features for traders.
JB concludes the article by encouraging readers to like, subscribe, and engage with the Cheeky Crypto community. He also asks for feedback on the video content and trading preferences.