Analyst Targets Ambitious VeChain Levels, but Will Resistance Hold?
The post Analyst Targets Ambitious VeChain Levels, but Will Resistance Hold? appeared on BitcoinEthereumNews.com.
VET is positioned for significant moves, targeting key Fibonacci retracement levels. Short-term targets suggest potential upward momentum based on Fibonacci analysis. RSI and MACD indicate a consolidation phase with neutral market sentiment. VeChain (VET) is poised for a potential price breakout. The cryptocurrency is currently trading at $0.02248, down 3.75% over the past 24 hours. Historical data suggests VET could be entering a “Turbo Trigger” phase. Based on the previous cycle, VET could reach Fibonacci retracement levels of 1.236, 1.414, and 1.618, converging around $1. #VET Turbo Trigger (65X Potential): Channel 1’s low end is officially tagged, and now I’m fully confident that #VET is about to hit the Turbo Trigger just like in the previous cycle! 🔥⚡ For a more conservative approach, I’ve calculated the measured move from the last cycle… pic.twitter.com/lj6gE5ruJN — EGRAG CRYPTO (@egragcrypto) October 17, 2024 For a more cautious perspective, the analyst identified potential short-term targets at Fibonacci levels of 0.702 ($0.11466), 0.382 ($0.04279), and 0.236 ($0.02729). The marked levels serve as possible price points in the event of upward momentum. Source: EGRAG CRYPTO Also, extreme long-term targets have been identified at $0.19888 (projected increase of 6,538.99%) and $0.85850 (projected increase of 6,538.81%). These high projections point out the potential for returns over an extended timeframe. VeChain (VET) Current Market Performance The trading market for VeChain reflects a relatively low market capitalization of approximately $1.81 billion, with a trading volume of $24.78 million over the past 24 hours. This volume shows reduced activity and investor interest in the short term, as evidenced by the Vol/Mkt Cap ratio of 1.36%. Source: CoinMarketCap Despite the recent price decline, the daily chart reveals that the crypto asset has been trading within a range, facing resistance near $0.024 and support around $0.020. The MACD indicator shows a slight bearish…
Filed under: News - @ October 17, 2024 10:23 pm