CoinWorld reported:
VeChain faces long-term bearish pressure, but analysts believe a potential upward reversal may be on the horizon.
VeChain (VET) is entering a challenging six-month period, consistently showing red on its monthly chart. The price fell to $0.018 in August, and as of September 20, it was trading at $0.023.
This level represents a 91% decline from its historical peak, reflecting the long-term bearish sentiment surrounding the altcoin. However, recent analyses suggest a potential turning point may be approaching.
Possible bullish VeChain trend
A prominent analyst, EGRAG, indicated in an analysis that, based on Elliott Wave Theory, VeChain might be poised for a game-changing move. This analysis focuses on the impulse and corrective wave patterns that influence VET’s price movements.
According to EGRAG,
VET is positioned to enter wave 3 of the impulse, a critical phase characterized by five sub-waves within the Elliott Wave structure. Typically, this phase is followed by a fourth wave correction and then a fifth wave, which could lead to an explosive price surge, often referred to as a blow-off top.
#VET
Move A:1 or Move B:2!!!!!!
Next steps
#VeChain
Will change the game!
