Skip to main content

Why VeChain Is Attractive At $0.02, Is VET Aiming For A Big Move?

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.

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.

VET’s price shows a positive reaction as the crypto market rebounds on the 4-hour chart. Source: VETUSDT Tradingview 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.”

VET’s price ready to push to the top of this channel? Source: Justin Bennett via Twitter 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.

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.



from NewsBTC https://ift.tt/w2s0Eel
via IFTTT
Labels:

Comments

Post a Comment

Any questions, Please.

Popular posts from this blog

Five Bitcoin Price Charts Analyzing The Dramatic Q1 2022 Conclusion

There are only hours remaining until the Q1 2022 close in Bitcoin price action. With the important quarterly candle set to close tonight, let’s look at what technicals might say about the direction of the next quarter. Q1 2022 Comes To A Close For Bitcoin The first quarter of a year, often sets the tone for the year to come. In investments, a poor Q1 performance is indicative of a bad year ahead. Considering the fact that Bitcoin price is now above $45,000 after touching $32,000 this quarter, it is tough to say the performance has been “poor” by anything other than crypto standards. Related Reading | Bitcoin Weekly Momentum Flips Bullish For First Time In 2022 The cryptocurrency has recovered nearly 40% from the low, leaving a long wick behind. Such a long wick suggests that before the quarter came to a close, buyers stepped up in a major way. Buyers were able to step up in a larger capacity in Q1 2022 than bears were able to in the final quarter of last year. The bearish wick to cl...
Post a Comment
Read more

FTX hacker reportedly transfers a portion of stolen funds to OKX after using Bitcoin mixer

On-chain activity suggests that the hacker has sent at least 225 BTC (4.5 million) to OKX so far. Hackers who drained FTX and FTX USA of over $450 million worth of assets just moments after the doomed crypto exchange filed for bankruptcy on Nov. 11, continue to move assets around in an attempt to launder the money.  A crypto analyst who goes by ZachXBT on Twitter alleged that the FTX hackers have transferred a portion of the stolen funds to the OKX exchange, after using the Bitcoin mixer ChipMixer. The analyst reported that at least 225 BTC — worth $4.1 million USD — has been sent to OKX so far.  1/ Myself and @bax1337 spent this past weekend looking into the FTX attacker’s deposits to ChipMixer. It appears they’ve likely been transferring a portion of the stolen FTX funds to OKX after withdrawing from CM So far we’ve accounted for at least $4.1m (255 BTC) sent to OKX pic.twitter.com/C46JZWtktn — ZachXBT (@zachxbt) November 29, 2022 According to ZachXBT, the FTX h...
Post a Comment
Read more

2 metrics signal the $1T crypto market cap support likely won’t hold

Despite the 8.5% weekly rally in cryptocurrencies, the lack of stablecoin premiums in Asia and futures markets activity shows buyers’ lack of confidence. Cryptocurrencies broke the $1 trillion market capitalization resistance on Oct. 26, which had been holding strong for the previous 41 days. Despite Bitcoin’s ( BTC ) modest 5.5% weekly gains, the aggregate value of 20,000 listed tokens increased by 8.5% between Oct. 24 and 31. Total crypto market cap, USD (in billions). Source: TradingView The cryptocurrency market was positively impacted by a 6.3% weekly rally in the Russell 2000 mid-capitalization stock market index. Some encouraging news accompanied the positive tailwinds from traditional markets. For instance,  55,000 BTC was withdrawn from Binance on Oct. 26, a record high. Typically, analysts consider the reduced number of coins deposited on exchanges a bullish indicator, as the immediate selling pressure eases. Moreover, exchange and wallet provider Blockchain.com ...
Post a Comment
Read more