In this video, Nick discusses VeChain’s technical analysis, emphasizing its recent price decline and potential future outlook.
Nick suggests that VeChain (VET) is currently in a bearish market structure, with the price expected to move down further. The target range for the current corrective pattern is between 1.615 and 1.649 USDT.
The 50 EMA and 50 SMA are both below the 200 EMA, indicating a bearish sentiment. Short-term and long-term indicators on the daily and weekly charts also point to further price decline.
Nick also mentions the possibility of VeChain reaching one dollar in the future due to fundamental factors, although this may take several years to materialize.
Nick primarily focuses on VeChain’s technical aspects and suggests a bearish outlook in the short term. However, Nick remains optimistic about VeChain’s long-term potential, citing its strong fundamentals.