VET To A Dollar? This Technical Analyst Thinks Its Possible
VeChain’s (VET) is Forming a Big Consolidation Pattern
Covered:
- Keep VeChain’s Market Cap in Mind
- VeChain’s Charts (M,W,D)
- Key Technical Levels & What to Anticipate Next
VeChain’s First Milestone is to Get over $0.1.
Low-priced cryptos can be more erratic and volatile, and perhaps that’s what makes it more exciting. Just look at the run that DOGE and SHIB had in 2021.
However, it’s also important to keep their market caps in mind. There are some people on the internet calling 1 cent or even $1 for SHIB. This has nothing to do with the future price projection of SHIB.
But in order for these scenarios to happen the market cap of SHIB will have to be something like $5.5 trillion and $550 trillion dollars (USD) respectively.
Bitcoin’s current market cap is about $800 billion and the biggest company in the world is Apple with its market of 2.85 trillion.
As for VeChain, however, its current market cap is about $5 billion and its price is just around 0.08. Its market cap will have to be at $64.4B for VeChain to be priced at $1.
If it were to happen today, VeChain would be the 5th largest crypto by market cap. At its peak in May 2021, its market cap was just over $16B when VeChain went to $0.25.
So, this is within the realm of possibility.
RECOMMENDED: WHAT IS VECHAIN?
VET: Monthly
The monthly chart shows that the price is in an uptrend and every dip to 21EMA has been bought so far.
The momentum oscillator shows that momentum is neutral while the Fast momentum line is just hovering over the midline.
A notable takeaway is that a low-compression squeeze is beginning to form on the monthly chart.
The duration of a squeeze can vary, but a squeeze typically takes 6-8 or more to form before it starts releasing energy.
VET: Weekly
The weekly chart shows a big triangle consolidation forming. The current candle is making a double bottom. Also, this coincides with a supporting trendline.
The momentum oscillator shows that the momentum is bearish to neutral with the Fast momentum line (Yellow) below the midline and the Slow momentum line (Red).
The squeeze indicator shows a medium compression that is transitioning into a low-compression squeeze.
VET: Daily
The daily chart shows that the momentum is turning up, and VET is trying to repair its bearish momentum. 50MA (Salmon) is at around 0.09.
The momentum oscillator shows that the fast momentum is crossing above the slow Momentum which is a positive sign.
The squeeze momentum also shows that the daily momentum is also turning up with a red histogram turning into a yellow histogram. There is a low-compression squeeze forming as well.
Today the entire crypto market is getting bought up. Let’s see how this unfolds for the next few days to weeks.
Key Technical Levels
Support: 0.0626
Resistance: 0.087
Resistance: 0.129
Resistance Zone: 0.1906 – 0.203
Resistance: 0.231
Indicator Used: (Click Here)
*Not Financial Advice
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The post VET To A Dollar? This Technical Analyst Thinks Its Possible appeared first on CryptosRus.
Text source: CryptosRus
