VeChain's price fell to $0.023, marking a 91% decline from its all-time high.
EGRAG CRYPTO predicts VeChain could reach $0.91 or $2.26 based on Elliott Wave Theory.
VeChain's RSI recently improved, signaling a shift from bearish to neutral market sentiment.
VeChain (VET), a decentralized supply chain management platform for smart solutions built on blockchain, has been on a bear cycle recently, with its price dropping in the past six months. Recent analytical analysis, though, points towards the possibility of a reversal in this digital asset being in the offing.Â
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VeChain was at $0.023 by September 20, which was a 91% drop from its all-time high, suggesting that the coin started a bearish cycle longer than expected but may be ready for change.
CRYPTO's Analysis on VET Price
The analysis conducted by EGRAG CRYPTO, a prominent crypto analyst on the social platform X, leverages Elliott Wave Theory to predict future price actions for VET. According to this theory, VET is on the verge of entering an impulsive Wave 3, usually characterized by significant price increases. This wave is expected to consist of five sub-waves, potentially leading to a substantial price surge, commonly called a "blow-off top."
Historical patterns and Elliott Wave structures suggest that these impulsive movements can unfold quickly, often completing within a 150-day cycle. EGRAG CRYPTO's predictions include two scenarios: "Move A," targeting a price of $0.91, and a more ambitious "Move B," aiming for $2.26. Such predictions are grounded in past performance metrics, with similar patterns resulting in exponential gains.
VeChain Market Conditions
Indicators from TradingView shed light on VeChain's current market conditions, supporting these predictions. The Bollinger Bands indicate that VET has been trading near its lower band, a sign of sustained bearish pressure. However, a slight narrowing of these bands suggests a forthcoming decrease in volatility, typically preceding significant price movements.
Moreover, the Relative Strength Index (RSI) has recently recovered, moving above the 40 level to around 43.53. This shift from a bearish to a more neutral stance could signal the early stages of a market turnaround. Trading volumes and market sentiment will confirm these potential upward movements.
The post VeChain Eyes Major Reversal as Analysts Predict Surge to $2 appeared first on Crypto News Land.
