VeChain (VET) is a blockchain platform that provides supply chain management and product authenticity solutions. It is one of the most popular blockchain projects in the enterprise sector, with partnerships with major companies such as Walmart China and BMW.
In a recent video analysis, Nick discusses VET’s recent price action and provides insights into its potential future movements.
One-Hour Timeframe Analysis
The analysis begins on the one-hour timeframe, where Nick identifies a potential upside range of 1.877 to 1.944. However, a correction occurs, briefly touching the 1.675 to 1.695 range. Resistance is encountered around 1.77 to 1.785, causing struggles in pushing through.
A three-wave pattern to the upside is observed, indicating a possible double top scenario at 1.823 to 1.846. Nick suggests that a move to the upside may not be sustained, leading to a return to the 1.675 to 1.695 range. This correction is seen as a continuation pattern, potentially leading to a larger move.
Daily Timeframe Analysis
On the daily timeframe, VET is expected to experience a bearish trend, with a target range of 0.008842 to 0.01044. Nick mentions that unless VET can surpass 2.124 cents, it is unlikely to break out of its bearish structure.
Technical indicators, including EMAs and Stochastic RSI, signal a bearish outlook on both daily and weekly timeframes.
A potential accumulation range is highlighted at 0.00811 to 0.01065 for VET. This is the range where Nick believes VET could consolidate before making a significant move.
The video also discusses the long-term prospects for VeChain. Nick believes that VeChain has the potential to reach a new all-time high. However, they also mention the potential for a double top scenario.
The video encourages further research and provides a link to join a Discord server for more information.