Analysts see VeChain as being under prolonged pressure to go down, however they also predict a possible upside reversal.
VeChain The (VET), has had a difficult six-month stretch, with its charts consistently showing red. VET fell to $0.018 on August 20 and traded at $0.023.
The altcoin has fallen 91% from its previous high. This reflects the bearish attitude that has surrounded it for a long time. A recent analysis, however, suggests that there could be a possible turning point on the horizon.
Possible Bullish Vechain Move
EGRAG’s analysis, a prominent analyst for X, suggests a potential game-changing move by VeChain based upon Elliott Wave Theory. The analysis concentrates on wave patterns that are impulsive or corrective, and have had an impact on VET’s price movement.
EGRAG has outlined the following: VET The Elliott Wave Structure is set to move into an impulsive Wave 3. This phase has five waves. It is followed by an Elliott Wave correction Wave 4 before a Wave 5 which can lead to a massive price increase.
#VET Move A for $1 and move B $2!
Next move #Vechain This is going to change the game! 🎯
If we’re entering impulsive Wave 3️⃣, it needs to show 5 sub-waves. If this next impulsive structure hits all the right criteria, get ready for a quick and aggressive corrective Wave… pic.twitter.com/Di01tmg0sP
— EGRAG CRYPTO (@egragcrypto) September 21, 2024
Analysis suggests the price changes could happen quickly, as historical data indicates similar waves are completed in approximately 150 days. VET could aim for $0.91, if EGRAG’s Move A is followed. A higher target of $2.26 may be set if Move B follows.
The Indicators Suggest Mixed Momentum
TradingView indicators provide a wealth of information. additional insights VET’s current market condition. Bollinger Bands indicate that VET’s trading has been near the lower band. It indicates a sustained downward pressure, with few bullish attempts.
If the band widths are narrowed, it could be a sign of reduced volatility. A consolidation period might then precede an important price change once volatility returns.
Relative Strength Index shows a weakly bullish movement. The current reading of 43.53 is a sign that the index has slowed down. The RSI has recently crossed over the 40 level, which indicates a shift from a bearish to unbiased sentiment. This could indicate upcoming market changes.
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