VeChain (VET) faces obstacles on its way to a breakthrough. However, VET has shown resilience despite recent hurdles that saw it rise 36% over the last month. Nonetheless, it lost momentum in the preceding week, recording just a slight upturn of 0.23%.
As of the current writing, VeChain is valued at $0.047785, with a 24-hour trading volume reaching $151.62 million and a market capitalization of $3.47 billion. Over the last 24 hours, the price of VET has experienced a decline of 3.30%.
Vechain’s Resistance & Profit Opportunities: Analyst Insights
Renowned crypto analyst Crypto Yapper has shed light on VeChain’s current situation by emphasizing its rejection at the upper trend line. This particular rejection indicates a remarkable resistance that VET could not break, indicating difficulty in surpassing this level of price action.
In light of this resistance, Yapper makes it clear that the majority of the community wants to see a breakthrough beyond it for VeChain, which will affirm strong bullish views and probably result in considerable upward price action. However, Yapper warns that such breakthroughs may take some time as investors should wait for a better timing.
Crypto Yapper however sees positives on VeChain’s overall direction despite its current setback noting an uptrend pattern. In essence, these means there might be short-term barriers along the way for VeChain; nevertheless, it also suggests that broad momentum remains positive for it hence setting off conditions for potential growth and market expansion.
Furthermore, EGRAG CRYPTO, a prominent crypto analyst, has provided valuable insights into the trajectory of VET’s price movement, employing the Yellow-Blue-Green (YBG) framework. In the Yellow Channel, VET finds itself amidst a battleground where bulls are fiercely contending to secure a close above. Should they succeed, VET is anticipated to experience a notable surge towards the Blue Channel.
Transitioning to the Blue Channel marks a pivotal phase for VET’s price action. Remaining within this channel and consolidating gains is viewed as a bullish indicator. Even being rejected from this channel and retesting the Yellow Channel is deemed bullish, albeit extremely bullish (BullishAF).
Finally, within the Green Channel, EGRAG CRYPTO identifies various profit-taking opportunities. Whether VET touches, closes inside, or achieves a close above this channel, each instance presents a potential point for profit realization according to their analysis.
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