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Vechain - Do we see a massive recovery?
Hello Traders !
First and foremost I hope my work will be significant or at least provide you meaningful insight on my thinking.
* During my market analysis on Vechain, I mainly focused on the technical aspect of; Technical Analysis (TA), I provide further reflection on this in different points find below ;
** At the moment of speaking Vechain performs at 0.1305 VETUSD ;
1. First possibility - We could expect VETUSD, in the coming days to trade between ranges - the 0.1170 and the 0.1290 level (where based on my chart significant key levels have been draft) whereas the MA50 (purple) could be retested and consolidate prices as a momentum support level . And whereas the 0.1290 level reflects the strong demand and supply level (based on short historical data) ° See 9th - 12th of April 2021.
2. We possibly might see VETUSD, trade to a 0.0900 VETUSD level, which might create a double bottom pattern. Which will usually help consolidate bullish sentiment.
3. In both cases I expect (for the moment) VETUSD to continue raising to the 1st resistance level (at moment of writing) at the 0.1470
VETUSD level before again trade in ranges between 0.1470 and 0.1300 levels. A second rally to the MA200 (red) would provide strong resistance to the VETUSD and keep trading ranges between the different MA's
! As we all know, VET has a strong correlation with the major crypto asset named Bitcoin as you all know, which will undoubtedly be/is a fundamental asset against inflation(BTC) and hence indirectly VET. We all know that due to the money printing that happened this year(during whole covid-19 time) depreciation in currencies (fiat) has been created not only in the US but also elsewhere. Inflation will surely hit most of fiat holders like it has never been felt before. We will see interest rates grow, as the deficit debt in the United States has been running and growing for a while now, this not only makes me bullish on VETUSD but on all crypto currencies, with intrinsic value.
Regards, Thanks and take care,
Kevin Christopher Best
First and foremost I hope my work will be significant or at least provide you meaningful insight on my thinking.
* During my market analysis on Vechain, I mainly focused on the technical aspect of; Technical Analysis (TA), I provide further reflection on this in different points find below ;
** At the moment of speaking Vechain performs at 0.1305 VETUSD ;
1. First possibility - We could expect VETUSD, in the coming days to trade between ranges - the 0.1170 and the 0.1290 level (where based on my chart significant key levels have been draft) whereas the MA50 (purple) could be retested and consolidate prices as a momentum support level . And whereas the 0.1290 level reflects the strong demand and supply level (based on short historical data) ° See 9th - 12th of April 2021.
2. We possibly might see VETUSD, trade to a 0.0900 VETUSD level, which might create a double bottom pattern. Which will usually help consolidate bullish sentiment.
3. In both cases I expect (for the moment) VETUSD to continue raising to the 1st resistance level (at moment of writing) at the 0.1470
VETUSD level before again trade in ranges between 0.1470 and 0.1300 levels. A second rally to the MA200 (red) would provide strong resistance to the VETUSD and keep trading ranges between the different MA's
! As we all know, VET has a strong correlation with the major crypto asset named Bitcoin as you all know, which will undoubtedly be/is a fundamental asset against inflation(BTC) and hence indirectly VET. We all know that due to the money printing that happened this year(during whole covid-19 time) depreciation in currencies (fiat) has been created not only in the US but also elsewhere. Inflation will surely hit most of fiat holders like it has never been felt before. We will see interest rates grow, as the deficit debt in the United States has been running and growing for a while now, this not only makes me bullish on VETUSD but on all crypto currencies, with intrinsic value.
Regards, Thanks and take care,
Kevin Christopher Best
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