Analyst Starts VeChain (VET) Accumulation Based on This Bullish Signal
Main Idea
Analyst CrediBULL Crypto is accumulating VeChain (VET) based on a bullish Elliott Wave technical analysis, anticipating the end of a corrective phase and the start of a new uptrend.
Key Points
1. CrediBULL Crypto is accumulating VET as a long-term hold, citing a clean five-wave impulse and a nearing end to the corrective Wave 2, similar to Bitcoin's historic $3K bottom pattern.
2. VET's current price is $0.02410, down 4.5% in 24 hours and nearly 10% weekly, with a market cap of $2.07 billion and a circulating supply of 86 billion tokens.
3. Technical indicators show a short-term bearish trend, with RSI near 34, but this may signal the end of Wave 2 and a potential reversal.
4. Elliott Wave analysis suggests VET could drop to $0.020–$0.018 before a breakout, with a break below $0.017 invalidating the setup.
5. CrediBULL emphasizes risk management, looking for bullish reversal signals like RSI divergence or volume spikes to confirm a new uptrend.
Description
CrediBULL Crypto, a well-followed technical analyst, has begun accumulating VeChain (VET) as a “till end of cycle” hold, based purely on chart structure. In a recent post on X, he explained that VET printed a clean five-wave impulse more than a year ago, and he now believes the subsequent corrective Wave 2 is nearing completion. If accurate, this sets the stage for an explosive Wave 3 move, often the most powerful leg in Elliott Wave theory. To support his conviction, CrediBULL compared the stru...
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