Nick, the host of Cheeky Crypto, welcomes viewers back for a comprehensive analysis of VeChain’s (VET) price action and future prospects.
Technical Analysis: Navigating the Market’s Direction
1-Hour Chart Analysis: Bearish Trend with Potential Breakout
Examining Vechain’s 1-hour chart on Binance, Nick identifies a bearish structure characterized by lower highs and lower lows. A recent break of structure confirms the prevailing bearish trend. However, Nick cautions against hasty conclusions, suggesting the possibility of an upcoming breakout.
EMA Analysis: Seeking Support and Resistance
Analyzing the 200 EMA, 50 EMA, and 50 SMA, Nick observes that VeChain’s price currently resides above all three, indicating support. However, he expresses mild concern about a potential swift move to the downside.
Short-Term Correction: Anticipating a Pullback
Nick anticipates a short-term correction based on Fib retracement levels from a three-wave correction pattern. He emphasizes the importance of confirmation before making any definitive predictions.
Long-Term Analysis: Identifying Potential Targets
Transitioning to the daily chart, Nick suggests a potential upward move towards 2.35 to 2.64 cents. He identifies a WX YX and Z pattern, hinting at a downside move once the current pattern completes. However, he cautions that macro-scale bearish structures may not have fully played out.
Weekly Outlook: Assessing Overbought Conditions
The weekly chart reveals a three-wave movement with a potential downward trend. Nick notes resistance at the 50 EMA and emphasizes the significance of crossing 3.25 cents for a breakout on the weekly chart.
Future Price Expectations: Optimism for VeChain’s Growth
Nick expresses his optimism for VeChain’s long-term potential, hoping for a surge beyond the 50 cents level. He envisions potential targets at 77 cents and even towards the $1 mark. However, he acknowledges uncertainties in achieving the $1 level and encourages accumulation at lower levels.
Conclusion: Embracing VeChain’s Opportunities
Nick concludes by summarizing the technical analysis, encouraging viewers to like, subscribe, and join the Discord community. He reiterates his belief in VeChain’s future potential and encourages viewers to stay informed and make informed investment decisions.