Follow us on:

cc_icon

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

VeChain: BUYING VET BEFORE THE PUMP?
VeChain: 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

Recommendations

Leave a comment

Your email address will not be published. Required fields are marked *