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VeChain (VET) Price Analysis: Buying VET Before the Pump?


VeChain (VET), a leading enterprise blockchain platform, has experienced significant price fluctuations in recent months. While the token has shown promising signs, the current market conditions warrant a thorough analysis to determine potential buying opportunities.

One-Hour Chart Analysis: Breakdown from Bullish Expectations

On the one-hour chart on Binance, VET’s price action initially presented bullish expectations, with a potential five-wave impulsive move. However, resistance at 2.28 cents halted the upward momentum, and a bearish shift ensued. The price broke below the support level of 1.935 cents, confirming the bearish trend.

Further Downside Push and Bearish Change of Character

Recent price action indicates a further push to the downside, with a bearish change of character suggesting a continuation of the bearish trend. A potential retracement to 2.1 cents could occur before another move lower.

Zooming Out: Potential ABC Structure and Short-Term Correction

Zooming out to a broader perspective, the price action suggests a potential ABC structure with an upside target of 2.22 to 2.568 cents. However, a short-term correction is expected on both the 1-hour and 4-hour charts.

Daily Chart Analysis: Potential Upside Continuation

The daily chart suggests a potential upside continuation towards 2.33 to 2.568 cents. This outlook aligns with the potential ABC structure identified on the broader timeframe.

Weekly Chart Analysis: Ranging Between EMAs and SMAs

On the weekly chart, VET’s price has been ranging between the 50 EMA and 50 SMA. While this consolidation suggests a potential breakout, the current market conditions favor a bearish scenario.

Long-Term Target and Overall Sentiment

Despite the current bearish trend, a long-term target of $1 in the next bull market remains feasible. The overall sentiment towards VeChain’s potential in the next bull run remains positive, driven by its strong fundamentals and growing adoption.

Key Takeaways


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