VeChain (VET) price could finally reverse at the blue support zone

VeChain (VET), known for its applications in supply chain management, forms the basis of our analysis today. Here you will find a technical analysis from our premium environment with a price forecast for VET for the near future.

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Vechain Technical Analysis (VET)

Crypto Insiders analysts believe that vocational training will fluctuate significantly in the coming period. They recently shared the following analysis in the Premium environment:

“Since the beginning of this year, vocational training has shown a downward trend. Interestingly, after completing a 12345 Elliott Wave pattern, we are now seeing the formation of a corrective WXY pattern. This is a common reaction after an impulsive wave.

Based on our current data, we can estimate that the Y wave is expected to end between the 100% and 123.6% Fibonacci levels or between $0.02262 and $0.02460. This zone is made even more specific by its confluence with a golden pocket located between the 61.8% and 66% Fibonacci levels. This allows us to place the blue support zone exactly between $0.02287 and $0.02388.

However, before we reach this blue zone, we expect a small price increase to around $0.03. After this increase, we expect VET to fall back into the blue support zone.”

Date of analysis: January 28th. Link to trading view:

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