VeChain (VET)
2025-01-06
Category: None

🔍 Technical Analysis of VET/USDT

📌 Introduction to the VeChain Project:
VeChain is an advanced blockchain platform designed to enhance supply chain management and business processes. By leveraging blockchain technology 🌐 and IoT 📡, VeChain enables companies to boost transparency and efficiency in their supply chains. Its primary goals include reducing costs, improving product quality, and increasing trust in business operations.

📌 General Overview:
The VET coin, a leading project in the blockchain space, is currently trading within an ascending channel on the weekly timeframe. This movement suggests a potential continuation of the bullish trend; however, key levels require close attention.

📊 Recent Price Movements:
The price recently hit the top of the ascending channel and underwent a short correction.
It is now approaching the red support zone (0.03238 - 0.03948) and the midline of the channel.
✅ Potential Scenarios:

Bullish Scenario 📈:
If the price rebounds from the red support zone, it could rally toward the channel's upper boundary.
A breakout above the ascending channel's resistance may pave the way for Fibonacci targets.

Bearish Scenario 📉:
If the red support zone breaks, the price could drop toward the channel's bottom or the gray support zone (0.01638 - 0.01966).

📍 Key Zones:

Daily Resistance (Yellow):

Range: 0.05038 - 0.05504
A breakout above this resistance on the daily timeframe opens the path toward the channel's top and higher targets.

Fibonacci Targets After Breaking the Channel's Top:

1.618 Fibonacci Level: 0.08251 - 0.09507
2 Fibonacci Level: 0.11594 - 0.13874
2.618 Fibonacci Level: 0.19679 - 0.23327

Critical Supports:
Channel's Bottom: The first significant support level.
Gray Support Zone (0.01638 - 0.01966): Acts as the final line of defense.
🛠️ Entry Strategy & Risk Management ⚠️:

Safe Entry:
Enter after the price breaks above the ascending channel and consolidates above the yellow zone.

Stop Loss:
Initially, place below the red support zone.
After breaking the channel’s top, adjust below the yellow zone.

Risk Management:
Adjust trade size based on confirmations.
Risk only 1-2% of your total capital on this trade.

📈 Confirmation Factors for the Move:

Trading Volume:
A noticeable increase in volume during the breakout of resistance or support signals a strong move.

RSI Indicator:
RSI above 60 indicates a bullish continuation.
Entry into the Overbought zone could lead to a sharp rally toward higher targets.

🚀 Conclusion 🏆:
This analysis highlights that VET is at a critical and sensitive juncture. With proper risk management and confirmation of technical signals, this coin could present exciting investment opportunities.