VeChain Price Update: VET’s Long-Term Bullish Trend Stands Strong Despite Corrections
A recent decline in the overall market caused VeChain to drop precipitously to less than $0.23. But over the past day, the asset has recovered by 0.5% to trade at $0.02158. Market data shows that VET has still been down 20% over the past 90 days and 14.85% over the last 30 days.
According to an analyst who goes by the handle RichBitLord, little corrections are simply normal variations. He claims that the VET is still in the rising channel and that its long-term trend is still bullish. The expert provided a chart showing that a critical support level is still intact to bolster his argument. The way the price is moving right now also suggests that VET had a big correction in 2022 but recovered to reach $0.020.
VeChain Poised for Massive 4,324% Spike, Analysts Highlight Key Support Zone
As the asset is under some short-term negative pressure, a similar mechanism seems to be at work in the current market behavior. A solid hold above the crucial support zone of $0.019 and $0.025 may set up the asset for a positive recovery, analysts say. VET could target the Fib 1.236, 1.414, and 1.618 to stage a 4,324% spike, according to a recent article by CNF that cited a prominent analyst known as EGRAG CRYPTO.
Channel 1’s low-end is officially tagged, and now I’m fully confident that VET is about to hit the Turbo Trigger, just like in the previous cycle! For a more conservative approach, I’ve calculated the measured move from the last cycle (excluding those monthly wicks) and applied it to the June 2023 low. Factoring in the wick, just to be extra cautious.
EGRAG CRYPTO
Alan Santana, an analyst, argued that VET was duplicating a 2019 move in another research that was published by CNF. Currently, the VET/BTC combination is at its lowest level in five years, the study claims. A negative cycle in the 2019 cycle ended in a similar place and a bullish wave structure, with each wave being stronger than the one before it began. According to reports, the VET/BTC trading pair’s recent bear market bottomed on September 16, 2024, after 1,246 days of trade. Santana said that this cycle might see one of the largest rallies in history.
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