Join us as we delve into the intricacies of VeChain (VET), examining its recent price movements and long-term outlook.
VET Price Action:
VET has witnessed an upward trajectory, despite a brief “scam wick” triggered by false ETF news. The token bounced off a low of 1.62 and embarked on an uptrend. FIB levels analysis indicates that minimum expectations have been met, suggesting positive price action ahead.
Fair Value Gaps:
Two fair value gaps exist on the chart: 1.739 C and 1.747 C. These gaps are expected to be filled in the near future.
The recent price increase is deemed a corrective move, not an impulsive breakout. A further downside move is anticipated before an uptrend resumes.
A potential bear market low is discussed, with expectations for further price drops to specific levels. Dollar-cost averaging is suggested for long-term investment strategies.
Weekly Chart Analysis:
Analyzing the weekly chart and Zed wave structure, a significant price drop to the target area is anticipated. Potential support levels are noted at 0.998 C and 1 cent. Despite these near-term challenges, VET holds the potential for substantial future gains.
Building Generational Wealth:
JB remains optimistic about VET’s potential, emphasizing the importance of thorough research before investing. VeChain is recommended as a promising project worth exploring.
The content provided is JB’s personal opinion and not financial advice. Viewers are encouraged to conduct their own research and invest responsibly.
Viewers are encouraged to like, subscribe, and employ tight stop-loss orders when trading. Wishing everyone a safe and successful journey in the crypto space.