Why VeChain (VET) Could Be On The Verge Of A 40% Rally
17 Marzo 2022 - 11:46PM
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VeChain has been moving sideways during the past week, with more
downside action than larger cryptocurrencies. While Bitcoin,
Ethereum, and others have seen some gains, the price of VET
continues to trend downwards. Related Reading | VeChain Records 7%
Profits And It Could Outperform ETH, Here’s Why As of press time,
VeChain trades at $0.048 with an 8.9% and 34% loss during the past
two weeks and 30-days, respectively. However, the cryptocurrency
could be sitting at crucial levels and poised for major price
appreciation. Analyst Justin Bennett claims this upcoming VET’s
price rally could push the cryptocurrency up 40% off its current
levels. On the weekly chart, the analyst identified a setup from
back in 2020. At that time, VET’s price was preparing for what
ended up as one of its biggest rallies in subsequent months,
according to Bennet. The analyst recommended his audience to “take
everything with a grain of salt”. In that sense, he showed the
price of VET moving sideways in an inverse “head and shoulders”
pattern. As seen below, when VeChain managed to break above that
trend line, its price was able to resume bullish momentum into
uncharted territory. At the time, VET’s price recorded over 1,000%
gains through 2021. Trending downside from that rally, as the chart
shows, VET’s price has returned to below its 2018 trendline, to
levels last seen before the previously mentioned rally. Bennett
said: In order for VET to move significantly higher this year, I’m
talking $0.10 and higher, it is going to have to get above this
trendline. So, this is what I mean by this trendline it’s going to
be significant in terms of the overall context of the market.
VeChain, Bennet added, already attempt to get back above this
trendline, but failed near the $0.070 price mark. Until VET’s price
can return to those levels, the cryptocurrency is on a downtrend.
Can VeChain Break Above This Critical Level? Bennet clarified that
VET’s price could see some relief in the short term. The
cryptocurrency could be poised for a 40% move back to its previous
resistance levels at $0.070. In order to achieve that bullish move,
in lower timeframes, VeChain will need to break above the area
around $0.050. As seen below, on the daily chart, VET’s price needs
to see a daily close above this resistance price point. Bennett
said: The market is kinda getting into a point where it’s gonna
have to make a decision (…). The set up I’m looking for for VET is
going to be a daily close above the $0.050 area (…). Then we are
looking at a potential move up to that $0.070 area (…). From $0.050
to $0.070 it may not sound like a lot, but that is a 40% rally. In
my opinion, it’s worth the wait. Data from Material Indicators
shows VET’s price currently sits at $500,000 in bids orders. These
orders could operate as support as VeChain moves into the critical
resistance area around $0.050. Related Reading | Polkadot, Vechain
Founders Pledge Over $10 Million In Crypto To Ukraine If VET’s
price breaks above those levels, the next resistance levels stand
at $0.050 which records less than $200,000 in asks orders.
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