Profitable VeChain Buy Opportunity

Profitable VeChain Buy Opportunity
Profitable VeChain Buy Opportunity

Egrag claims that VeChain (VET) recently launched its initial attempt to exit the downward channel it is presently trapped in.

Famous cryptocurrency researcher Egrag has discovered a compelling purchase opportunity for VeChain (VET) in the weekly period. The chance arose as a result of VET’s recent price decrease below the $0.02 range following resistance to a bullish breakout.

The Descending Channel

Egrag initially drew notice to VeChain’s efforts to escape the downward channel it has been stuck in since it dropped from its all-time high of $0.2782 in April 2021 in his most recent VET study. Being trapped in a downward channel indicates that since then, VET has consistently posted lower highs and lower lows.

What’s Next for VET

The fifth time #VET has attempted to leave the Descending Channel. The break is closer the more it fails.

Double bottom is possible and likely, but the wick to 0.007c is also conceivable. #VET will free you from your financial bonds. https://t.co/3WUWOi8Gnm pic.twitter.com/1r6YRWk8VD

May 14, 2023 — EGRAG CRYPTO (@egragcrypto)

The analyst emphasized that VET had made numerous tries to exit this declining channel, the most recent being the fifth attempt, but each had failed. Every failed attempt, in Egrag’s opinion, moves VET closer to a probable breakout from the channel.

He added that the asset can develop a double bottom, a technical formation in which the price dips to a low point twice with a small uptick in between. This pattern frequently signals a change in trend and future price increase.

Egrag predicts that this double bottom pattern could appear at the $0.015 price level or, in the event of a significantly deeper collapse, the $0.007 region. VET last encountered this cost in June 2020.

Notably, the analyst has drawn up three objectives that, should VET exit the declining range, will result in a final price of $1.66. With the second objective set at $0.11649, the first target is currently at $0.0648. The third and final objective is $1.66.

It’s important to note that starting in July 2018, VET noticed a comparable pattern. From 2018 until it staged a breakthrough in 2020, the asset was locked in a similar declining channel before reaching its all-time high in April 2021. Egrag predicts a recurrence will take place.

VET Enters the Buy Zone

VET, however, fell into Egrag’s buy zone, which is a region that offers an appealing buy opportunity for the asset, after resistance was met at the fifth attempt to break out of the channel.

The asset has now passed through the buy zone twice this year. The asset entered the zone in December 2022 and lingered there until this year’s January. The buy zone is notably located between the $0.012 and $0.025 areas.

Egrag drew attention to the potential for VET to fall much lower into the “Ultimate Buy Zone,” which is the range of $0.006 and $0.012. The analyst emphasized that his audience should be prepared in case that eventually happens. He said, “VET will free you from your financial chains.” The price of VET is currently $0.01947, up 1.35% over the last day.

The VeChain Foundation is still introducing policies to increase the usefulness of the asset in the actual world. The Foundation introduced the VeWorld self-custody wallet in February, and this month released a feature to remove gas fees from the wallet.

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