- VeChain broke a 205-day downtrend, showing strong bullish signs.
- Key levels to watch: $0.0241 (bullish) and $0.0215 (bearish).
- Market signals indicate potential breakout or structural loss by tomorrow.
As Bitcoin hovers in the $62,000 price range, all eyes shift to altcoins hoping to catch bullish signals and catch the pump before Bitcoin leads the charge. Many altcoins like SUI and FET have already begun to pump while other popular altcoins like SHIB, DOGE, ADA, JASMY, and VET are all preparing for massive pumps.
VET Signals Multiple Bullish Signals
In particular, VeChain (VET) catches the attention of many analysts for its incredibly bullish signals. As we can see from the post below, one analyst takes a deep dive into the many bullish aspects of the VET price chart. To highlight, he begins by stating that VeChain (VET) is showing strong bullish momentum, and suggests that it’s time for the VeFam community to take notice.
I don’t think people realize how BULLISH the $VET chart is right now…
It’s time to WAKE UP #VEFAM! 🥳#VeChain is 145% away from it’s 2024 high. 🚀
It’s a 58% pump away from the point of control on the VRVP.
VET broke out of a 205-day downtrend on September 19th.📈
Since… pic.twitter.com/dYj7CJfm9h
— Aj (@Ajwritescrypto) October 8, 2024
According to this analyst, VeChain is currently only 145% away from its 2024 high, and just a 58% pump from the point of control on the Volume Range Volume Profile (VRVP). VET broke out of a significant 205-day downtrend on September 19th, marking a major turning point.
Since then, the altcoin has maintained a series of higher lows, moving within an ascending broadening channel, a positive technical pattern that hints at further growth. The recent shift in money flow, detected by Market Cipher indicators, shows that the flow turned green six days ago, another strong sign of potential gains ahead.
Notable Trends and Events to Watch for VET Pump
Additionally, he marks the key support and resistance levels to watch which include $0.0241, a break that could confirm bullish momentum, and $0.0215, a dip below which could signal a bearish move. He says that traders should keep an eye on these critical levels as VeChain navigates its current trend.
He then goes on to highlight a notable technical event as VET faces the upper band of a local downtrend that started recently. This moment can be seen as a make-or-break scenario, where the coin could either break out of the downtrend or lose a four-week structure. Finally, the analyst urges caution, advising traders to react to market moves rather than forcing trades.
