Why VeChain Is Attractive At $0.02, Is VET Aiming For A Big Move?
September 29 2022 - 2:59PM
NEWSBTC
The crypto market successfully bounced from support with major
cryptocurrencies recording profits over today’s trading session,
VeChain (VET) follows the general sentiment. The cryptocurrency has
been able to preserve some of its gains from yesterday’s session
and seems poised for further highs. Related Reading: Bitcoin Sees
Massive Decline In On-Chain Activity At the time of writing,
VeChain (VET) trades at $0.023 with a 2% profit in the last 24
hours and a 5% profit over the past 7 days. In higher timeframes,
the cryptocurrency records significant losses, but in the short
term, this trend might be starting to reverse. VeChain Price About
To Breakout? According to analyst Justin Bennett, the price of
VeChain has been forming a falling wedge structure. This price
pattern has been in the making since August 2022. At that time,
VeChain saw an important rally after months of trading sideways
between its current levels, and a high of around $0.03. In August,
VET’s price attempted to break out of this range but was rejected
from those levels. This led the price to a massive decline and the
formation of the falling wedge. As VeChain moves at the lows of its
range, and with the crypto market bouncing from a critical support
zone, VET’s price might be ready to take off, as seen in the chart
below. Per Bennett’s analysis, VeChain might grind higher and touch
levels north of $0.03. At that time, bulls need to make a final
push to confirm the breakout and reclaim the area around $0.04.
Bennett said: “$VET is starting to look attractive at this range
low combined with the falling wedge since August.” VeChain Price To
Follow This Bitcoin Pattern The fate of VeChain’s price action, and
the fate of a large portion of the crypto market, is tied to
Bitcoin. The number one cryptocurrency by market cap has been
leading the current rally as macroeconomic forces operate as
headwinds to any bullish momentum. As NewsBTC reported yesterday,
based on Bennett’s analysis, Bitcoin is also at the bottom of a
major channel. As seen below, the cryptocurrency has been operating
with $18,700 as a bottom and might be on the verge of reclaiming
$26,000, the top of its current range. Related Reading: Polygon
(MATIC) Held By A String, Will Bears Cut The Rope? After a period
of consolidation, bulls could have enough ammunition to push the
price into those levels, and take the liquidity created by short
positions expecting further losses. As long as Bitcoin stays above
$18,700, VeChain has a fighting chance. Same $BTC ascending
channel. The price action is a mess, but that $18,700/800 area has
been solid since the 21st.#Bitcoin https://t.co/ICHbqXXNf1
pic.twitter.com/stChhZ7EnW — Justin Bennett (@JustinBennettFX)
September 29, 2022
Real-Time news about (Cryptocurrency): 0 recent articles
More Chain News Articles