VeChain analyst (VET), has recently stirred excitement among the VeChain community. analysis That shows a possible surge. Raidenx, a crypto analyst (@benj_strong), explored an important support level and bought pressure signals and demonstrated that VeChain is about to surge.
Support level and Wick Formulation
The support level refers to a point in the price range where the digital asset was historically under pressure from buyers, which prevented further price declines. This level is a support area where the price may fluctuate but bounces back once it reaches this zone.
Please Read: ChatGPT Predicts VeChain (VET) Price If Bitcoin Hits $200,000 After Halving
Raidenx pays attention to the formation of multiple wicks recently at the 0.03947% support level. Multi-wicks formed at the support levels indicate that price had tried to fall beneath this level multiple times, but was met by buying pressure which helped its rapid recovery.
#VeChain When we see multiple wicks in the support, it is a sign of strong buying pressure and a potential signal. $VET It is going to explode!🚀 pic.twitter.com/QOJraKHsXz
— raidenx (@benj_strong) April 9, 2024
Buying pressure and potential price movement
Raidenx interprets multiple wicks as an indication of high buying pressure. The price dips towards the support area and bounces with short wicks. This indicates active buyers who are purchasing VET.
Recently, another prominent analyst predicted that the U.S. economy would grow by a staggering amount. VeChain surge in JuneThis sustained pressure to buy can indicate a possible price rise.
VeChain price movements:
Raidenx believes that the VET price could rise based on the perceived purchasing pressure and wick formation. He did not give a target. EGRAG CRYPTO, a well-known crypto analyst (@egragcrypto), has set a specific price goal. set a $1.6 target Digital Assets
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Please Read: Citing VeChain Historical Pattern, Analyst Predicts 1680% VET Price Rally. Here’s when
VeChain (VET), Can it Surge by 2024?
VeChain’s price is affected by many factors, including the opinion of analysts. Technical indicators are important, but other factors such as the current market conditions also play an important role. Bitcoin’s price and that of the wider cryptocurrency market have an impact on coin prices. VET’s growth can be accelerated by a bullish outlook in the market.
Other factors include developments in the VeChain eco-system. Another factor is the development of VeChain’s ecosystem. major one was announced More are coming. VeChain could see its price rise due to these positive developments. These positive developments could help boost investor confidence and push VeChain’s price up. next The next few weeks are crucial for VeChain, as investors and analysts will closely monitor the project to ensure that it meets expectations.
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