thecryptobasic.com
A renowned market analyst has brought notice to a buy signal that has materialized on the VeChain (VET) chart amid the bearish trend rocking the crypto market.
Over the past 24 hours, VeChain’s VET token has experienced a decline of over 5%, falling from its daily peak at $0.02854 to a low of $0.0269. Its cumulative trajectory for the last 30 days reveals a substantial loss of 22.56%.
VET Buy Opportunity
However, prominent market chartist Ali Martinez has sounded the alarm for VeChain enthusiasts, proclaiming an opportune time has emerged. According to Martinez, buy signals have been identified on the 1-day and 3-day VeChain charts.
The chart revealed a striking resemblance in pattern between the two charts. In particular, it displayed a consistent number of nearly identical red candles and only a faint presence of greenish candles.
Moreover, the confirmation offered by the TD Sequential indicator reinforced Martinez’s confidence in the VET buying signal. This technical indicator is well-regarded for identifying signs of a trend reaching exhaustion, indicating a potential reversal.
The analyst emphasized that the new development suggests a compelling potential for an upswing in VET’s price.
He noted the likelihood of the momentum extending for one to four candlesticks. However, Martinez failed to offer a precise price target to watch for within the established pattern.
Meanwhile, in an update last month, Martinez drew attention to the resemblance of VET’s market pattern to its historical trajectory that led to its previous all-time high of $0.2782.
Considering the developments, the analyst had anticipated a 150% surge for VET. Specifically, he projected it to reach $0.077 by late January.
However, this forecast was contingent on the asset overcoming a resistance barrier, a condition that has not materialized.
VeChain Growing Prominence
As a blockchain platform crafted to improve supply chain management and streamline business processes, VeChain has continued to grow in prominence. This growth has a long-term impact on the price of VET.
Given its proposition for the logistics market, notable figures in the crypto scene envision VeChain taking the lead in the anticipated $18 trillion market. This potentially positions its native token VET for significant impact.