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Crypto analyst Crypto Yapper alerted his X followers to VeChain’s (VET) current price movement, suggesting its imminent breakout. The analyst highlighted that VET is “squeezed into this apex,” urging market participants to prepare for a potential bullish print. VET trades at $0.033809, representing a 0.18% intraday rally. The coin’s trading volume and market cap are $52.16 million and $2.46 billion, respectively.
“VET BREAKING OUT THIS WEEK. The price of VET is getting squeezed into this apex, which will break out soon! Are you ready for a BIG move for Vechain?”
To elaborate on VeChain’s price trend, Crypto Yapper used TradingView’s daily price chart. The chart revealed a symmetrical triangle pattern, indicating a possible significant move. Meanwhile, the horizontal support zone around the $0.020 to $0.022 range has acted as a floor, demonstrating strong support.
The chart pattern forms a descending triangle, characterized by the descending trendline and horizontal support. This formation often suggests continuing the prevailing trend but can also signal reversals. Nonetheless, these outcomes depend on the cryptocurrency’s breakout direction.
If the price breaks above the descending trendline with strong volume, it could indicate the end of the bearish trend. Potential upside targets range between $0.030 and $0.035, and confirmation requires a daily close above the trendline with sustained buying pressure.
Conversely, if the price breaks below the horizontal support with increased selling volume, it could suggest a continuation of the bearish trend. Potential downside targets are the previous low, around $0.015, and lower support zones. Furthermore, a daily close below the support level with strong selling pressure will confirm this.
Trillions will flow into #crypto
— Crypto EA (@Crypto_Erdemm) May 20, 2024
Billions will flow into $VET #VeChain will skyrocket like last bullrun (177x).
Just let it do 20-25x in this bullrun. Then we are at $1 per token. Dont fade on this!
You are not bullish enough! pic.twitter.com/Wju4j0s6i9
In a separate development, prominent market expert Crypto EA suggested that VeChain could gain 20x to 25x in the next bull market, potentially hitting the $1 mark. Hence, he urged investors not to underestimate VeChain’s bullish potential in light of the current market conditions.
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