Crypto analyst believes VET would surge after a minor pullback.
VET has gained 13.61% in a recent rally but is expected to drop lower.
A long-term rally would push VET towards $0.775 after the expected drop.
VeChain (VET), the cryptocurrency powering the VeChainThor blockchain, is poised for a significant price rally, according to prominent crypto analyst Nick.
However, he cautions that a minor pullback may precede this surge, offering investors a potential opportunity for strategic entry through Dollar-Cost Averaging (DCA).
In a recent video, Nick analyzed VET’s current performance, highlighting a minor trend influenced by broader market pressure. He noted that the altcoin is rebounding from a local low, gaining approximately 13.61%. However, he observed that VET’s price is entering a resistance area that could trigger a reversal, potentially pushing the cryptocurrency to a support level that would ignite a long-term rally.
Nick utilized the Stochastic RSI momentum indicator on the daily timeframe, revealing that VET is currently overbought. Combined with several key moving average indicators above VET’s current price, the analyst believes a price retracement is likely after a minor rally to align with the long-term trend.
He characterized the current surge as a “relief rally” that could soon subside, giving way to a deeper correction. Based on historical data, Nick predicted that the correction could drive VET down to $0.0292 or even the $0.0170 region. However, he reassured viewers that the drop would remain within the predicted range of $0.01560 to $0.0298.
According to Nick, this entire area represents the retracement of a wave pattern in the long-term analysis. Given VET’s relatively strong performance, the analyst envisions a future where the altcoin rallies to substantial highs. He believes VET’s next bullish move could propel the token’s price towards $0.775, despite numerous historical resistance levels.
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