In the world of cryptocurrency, VeChain (VET) has been capturing the attention of investors and traders alike. This layer-1 smart contract platform has a unique focus on transparency in business operations, particularly within the supply chain sector. As it navigates through a volatile market, understanding its price movements and key levels is crucial for anyone looking to capitalize on potential opportunities.
Currently priced at $0.01723242, VeChain has experienced a 24-hour price decline of -2.16%, but it has seen a 3.85% increase over the past 7 days. With a circulating supply of 73 billion VET, the market cap stands at $1.2B.
One notable aspect to consider is the Fibonacci retracement levels, which are vital indicators for traders. The .618 level has been reached, as pointed out by CryptoBusy through a tweet, a prominent cryptocurrency analysis and news source.
As a trend follower, one might anticipate a bounce at the .382 level.However, the strategy here is patience and caution. Waiting for a breakout play outside of the current triangle pattern could provide a clearer direction for VET’s price.
$VET update: Price reached the .618 level, as analyzed in the previous tweet. ✅
— CryptoBusy (@CryptoBusy) October 2, 2023
Follow @CryptoBusy for more alpha insights about Crypto! https://t.co/88kJuHMcaZ pic.twitter.com/8mdY3L5YZx
VET has a history of finding support and resistance at specific levels. The .382 Fibonacci level played a pivotal role in November 2020, leading to a rally to the negative extension level. Moreover, a weekly demand zone has repeatedly offered support, especially during testing times in early 2022.
Currently, VET faces a significant challenge with the 200 EMA, which has acted as a resistance barrier since November 18. If the bulls manage to reclaim this level and it transforms into a support, it could signal the beginning of a true trend reversal.
To truly reverse the trend, VET needs to overcome resistance levels, particularly the 7 cents mark, followed by the 9-10 cents supply zone. Reclaiming 10 cents could signify a substantial trend reversal, but it won’t be without its hurdles.
VeChain (VET) continues its journey through a complex market landscape. Traders and investors should closely monitor the Fibonacci levels, EMA resistances, and historical support zones to make informed decisions. While the road ahead is uncertain, understanding these key indicators can provide valuable insights into potential price movements.
