A VeChain (VET) analyst has stirred up excitement in the community with a recent analysis that shows a potential surge. Crypto analyst Raidenx (@benj_strong) explored a crucial support level, and buying pressure signals, and showed that a VeChain surge is coming.
Support Level and Wick Formation
A support level is a price point where the digital asset has historically encountered buying pressure, preventing further price dips. The price might fluctuate around this level but tends to bounce back when it reaches the support zone.
Read Also: ChatGPT Predicts VeChain (VET) Price If Bitcoin Hits $200,000 After Halving
In the case of VET, Raidenx focuses on the recent formation of multiple wicks at the $0.03947 support level. Multiple wicks forming at the support level indicate that the price has attempted to fall below this level several times but has been met with buying pressure, aiding its quick recovery.
#VeChain when we see multiple wicks into support it’s a strong sign buying pressure at that level and potential signal that $VET is about to make an explosive move up 🚀 pic.twitter.com/QOJraKHsXz
— raidenx (@benj_strong) April 9, 2024
Buying Pressure and Potential Price Movement
Raidenx interprets the presence of multiple wicks at the support level as a sign of strong buying pressure. When the price dips toward the support zone and rebounds with short wicks, it suggests that buyers are actively purchasing VET, preventing the price from falling further.
Another prominent analyst recently predicted a massive VeChain surge in June, and this sustained buying pressure can be a precursor to a potential price increase.
Potential Price Movements for VeChain (VET)
Based on the wick formation and perceived buying pressure, Raidenx predicts a potential bullish move for VET. However, he did not provide a specific target. For a price target, we can look to EGRAG CRYPTO (@egragcrypto), a prominent crypto analyst, who has set a $1.6 target for the digital asset.
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Read Also: Citing VeChain Historical Pattern, Analyst Predicts 1680% VET Price Rally. Here’s when
Can VeChain (VET) Surge in 2024?
Many analysts are bullish on VeChain, but there are many factors influencing its price. Despite the technical indicators, factors like the overall market condition play a crucial role. The price movements of Bitcoin and the broader cryptocurrency market significantly impact individual coin prices. A bullish sentiment in the overall market can amplify a potential upswing for VET, while a bearish trend might hinder its growth.
Some other factors are developments within the VeChain ecosystem. One major one was announced recently, and more are on the way. These positive developments could help boost investor confidence and push VeChain’s price up. The next few weeks will be crucial as analysts and investors watch to see if VeChain can meet expectations.
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