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VeChain Price Analysis: VET starts to recover after a drop to $0.11 overnight

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VeChain price analysis is bullish for today as the market started pushing higher today after finding support at the $0.11 mark overnight. Therefore, we expect VET/USD to continue higher over the next 24 hours and look to move back to $0.128 resistance.

VeChain Price Analysis: VET starts to recover after a drop to $0.11 overnight 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the green over the last 24 hours with Bitcoin gaining 0.43 percent. Ethereum is up by 0.34 percent, while Cardano (ADA) is the best performer from the major altcoins, with a gain of 11.6 percent.

VeChain price movement in the last 24 hours: VeChain finds support at $0.11

VET/USD traded in a range of $0.1106 – $0.1194 with a trading volume of $513.3 billion, which is down by 25.85 percent from yesterday. The total market capitalization trades around $7.6 billion, ranking the coin in 25th place overall.

VET/USD 4-hour chart: VET targets $0.128 next?

On the 4-hour chart, we can see the VeChain price starting to rally today with the $0.128 mark as the next target.

VeChain Price Analysis: VET starts to recover after a drop to $0.11 overnight
VET/USD 4-hour chart. Source: TradingView

The Vechain price action saw strong movement over the past week. After rallying to $0.115 during the first days of September, bulls became exhausted, resulting in a massive drop on the 7th of September.

In total, VeChain declined by more than 35 percent, with a brief spike below the $0.10 mark. From there, the further downside was quickly rejected and VET/USD returned above $0.11. 

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More upside followed on Thursday, with a consolidation formed below $0.125. Further, VET/USD saw a decline to $0.11 yesterday, with a higher low set again. Overall, this price action development indicates that we can expect more upside over the next 24 hours as bulls slowly regain control over the market.

VeChain Price Analysis: Conclusion 

VeChain price analysis is bullish for the next 24 hours as the market slowly starts to trade higher today after finding support above $0.11 overnight. Therefore, we expect VET/USD to continue moving higher and target the $0.128 resistance next.

While waiting for VeChain to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

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VeChain coiled and ready to break out to $0.21

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  • VeChain price develops a trifecta of bullish breakout conditions pointing to a substantial drive higher.
  • VeChain is likely to become a leader in the altcoin market.
  • Limited immediate downside risks for VeChain exist.

VeChain price is positioned for a massive bear trap, which would yield a spike of over 80%. The $0.002/3-box Point and Figure chart show why a breakout above $0.126 could initiate a flash-spike higher.

VeChain price is ready to pop, shattering any hopes of existing and future short-sellers

VeChain price has a rare combination of three powerfully bullish signals on its Point and Figure chart. And all three signals are considered authentic or confirmed if VeChain hits the entry of the hypothetical long setup. The three signals are as follows:

  1. An entry at $0.128 confirms an ascending triple-top breakout.
  2. An entry at $0.128 confirms a Bear Trap Point and Figure pattern.
  3. An entry at $0.1280 breaks the dominant bear market angle and converts VeChain into a bull market.

It is rare to have such a substantial collection of bullish reversal signals present at the same price level. Because of these three signals, they exacerbate the projected profit target from the Vertical Profit Target Method. Consequently, the profit target of $0.21 is just a hair below the 100% Fibonacci expansion at $0.212.

The theoretical long entry is a buy stop order at $0.128, a stop loss at $0.120, and a profit target at $0.21. The long trade idea is invalidated if VeChain price moves below the $0.106 value area.

VET/USDT $0.002/3-box Reversal Point and Figure Chart

If any weakness over the weekend (which is always a possibility during the weekend trading sessions), the downside risk should be limited to the 38.2% Fibonacci retracement at $0.072.

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VeChain price eyes 20% upswing as VET bounces off the buy zone

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  • VeChain price successfully tested the buy zone, extending from $0.097 to $0.11, triggering an uptrend.
  • A decisive close above $0.12 will confirm a rally and propel VET by 20% to $0.146.
  • A daily close below $0.095 will invalidate the bullish thesis by creating a lower low.

VeChain price has been on a downtrend for the past three weeks and is showing signs of a reversal. Clearing a crucial barrier that VET is currently grappling with will confirm the start of this uptrend.

VeChain price to reclaim old highs

VeChain price dropped 44% from $0.18 to $0.10 between November 9 and November 28. This correction pushed VET straight into the buy zone, stretching from $0.097 to $0.11. This area is where high probability reversals occur, and as seen, VeChain price has already rallied 16% to where it currently trades – $0.12.

As VET hovers around the 50% retracement level at $0.12, market participants should wait for a daily close above it to enter long. This move will help solidify the upswing and trigger a 20% ascent to $0.146.

Clearing this level with enough buying pressure to spare will see VeChain price make a run for the range high at $0.16. In some cases, VET could sweep the swing highs at $0.17 and $0.18 to collect liquidity resting above them.

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Therefore, investors can expect anywhere between a 20% to 30% upswing for VET.

VET/USDT 12-hour chart

VET/USDT 12-hour chart

While things are looking decent for VeChain price, a retracement to $0.10 or $0.097 on VET would provide investors with another buying opportunity. 

However, if VeChain price produces a daily close below the range low at $0.081, it will invalidate the bullish thesis.

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‘VeChain Thorsday’ on 2 Dec, 2021 VeChain (VET) Grows and Attracts the Attention

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VeChain Foundation Expressed:  We are excited to introduce VeChain Thorsday! Each Thursday, we’ll be hosting projects built on VeChainThor over on our Discord channel. Tune in weekly to hear what’s happening, meet the community and win prizes! Keep your eyes peeled for our first session, coming soon.

Love Metaverse, NFTs & GameFi? Join the first ‘VeChain Thorsday’ on 2 Dec. at 8PM UTC & begin exploring projects built on VeChain.

Community Reaction:  How about you take one of these days and explain how you need to sell 1.3 billion vet a quarter to pay for ongoing business expenses.

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It makes sense, as VeChain grows and attracts the attention of more enterprises and governments, they really can’t have individual team members getting into it with Twitter personalities. All communication needs to be streamlined, appropriate and well timed.

Could some supply of the currency be burned in the near future and be in more exchanges?

Just tell me how VET token is going to get advantage of all your partnership?  Growth, if you read the white paper. It tells you everything you need to know.

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What are VET’s plans for 2022? Recently, VET has been sideways and there is no latest dynamic.

This is exactly what we need, more activity in the networks.  It is time that we give it the importance that this great project really has, I hope that this year 2022 we will continue to see more activity with VET. I keep holding on until the end.

Always someone complaining, always something to complain about. Buy the coins with puppies and bunnies. Another good step for VET.

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Very promising I liked the concept of the project but there has been very little communication from the team.

I rather see enterprise adoption then hype tweets. So, far no other blockchain tech companies that have the type of growth then VeChain, but I understand your opinion.

Not looking for hype tweets, however, VET governance is a public process, at least for now (voting for mainnet updates, gas fees). What happens if they lose public support and can’t get important updates passed? Better to start re-shaping public perception sooner than later

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This is a brilliant idea for more community participation and for everyone to get familiarised with projects built on VeChain.

VET runs POA, calls themselves an enterprise platform – has no major announcements, starts dipping into NFTs (crappy ones), Now Metaverse, and Sunny says Vechain 3.0 is DAO? Is this why Vechain foundation has been selling for Op costs? wheres the focus?

Is it going to benefit VET token? No? What a crypto?

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You guys really need to hire an experienced community relations person.

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