In the latest update on VeChain (VET), renowned crypto analysts Cheeky Crypto delved into the world of VeChain, scrutinizing its recent price movements and forecasting potential future developments. VeChain (VET) has been a subject of keen interest for crypto enthusiasts, with its recent performance under the spotlight.
Riders on the storm or just a light breeze? 🌪️ $VET might be gearing up for a wild rally, if the streets are to be believed! Dive in, find out, and rock on with this analysis: https://t.co/IT9e65AOVN 🚀🎸 #VeChainPump pic.twitter.com/AdgNvQDBCM
— Cheeky Crypto (@CheekyCrypto) October 14, 2023
In a recent YouTube video, the analysis revealed a downward correction, which was further investigated using Elliott Wave Theory. Smart money indicators suggest that the price may dip further before signs of an upward trend emerge.
According to the analyst, the target range for the downside remained between 1.562 and 1.56. Internal workings, particularly the C-wave pattern, met minimum expectations but could extend further. The analysis proposed a push toward the lower range before an anticipated rally. Smart money concepts leaned towards a bearish structure, though confirmation was pending. The 50 SMA and 50 EMA were surpassed, while resistance was encountered at the 200 EMA. This convergence of indicators signaled a potential pullback.
Moving to the daily time frame, VeChain’s trajectory towards the Z Wave (between 1.21 and 1.54) remained on track. Despite a temporary upward deviation, the outlook suggested a challenging path ahead. A bounce towards the 200 EMA was anticipated before a subsequent decline.
The analyst revealed that the downward trend was further emphasized on the weekly time frame, with a worst-case scenario projecting towards $0.811. This level, a historic point of support and resistance, marked an extremely bearish scenario. While such a decline seemed unlikely, it remained a consideration.
VeChain’s downward trend persisted in the broader context, with lower highs and lows. Despite minor adjustments to trend lines, the overarching bearish sentiment prevailed. Analysts maintained their projection of a bear market low for VeChain, underscoring the necessity of a bottoming out.
As of writing, VeChain is trading at $0.01643, showing an increase of 0.71% within the last 24 hours. Additionally, VeChain has experienced a substantial decline of nearly 95% from its historical peak of $0.28, achieved in April 2021. Despite a span of 30 months, VeChain has struggled to surpass its all-time high.
As the VeChain community closely follows these developments, it’s important to note that market conditions are dynamic and subject to change. A cautious approach to trading and investment is advised, with an eye on key support and resistance levels.
