VET: Fractal Patterns and Opportunities
VeChain (VET) is a blockchain platform that aims to improve supply chain management and traceability. The VET/USDT trading pair has been exhibiting fractal patterns on the daily chart, which can be used to identify potential trading opportunities.
Fractal Analysis:
Repeating patterns: The VET/USDT chart has been forming a series of repeating patterns, such as triangles and flags. These patterns suggest that the price is likely to continue moving within a range until a breakout occurs.
Fibonacci retracement: Applying Fibonacci retracement to the previous bullish impulse wave shows that the 0.618 and 0.5 retracement levels are at $0.06 and $0.07, respectively. These levels could act as potential targets for a breakout.
Trading Opportunities:
Breakout trades: Traders can look for breakout opportunities above the resistance level of the current pattern. A breakout above $0.055 could signal a continuation of the bullish trend.
Retracement trades: After a breakout, traders can look for retracement opportunities to enter a trade in the direction of the breakout. The 0.618 and 0.5 Fibonacci retracement levels could be potential areas of support.
Artificial Intelligence (AI) Hype:
There is currently a lot of hype surrounding AI-related cryptocurrencies. VET has been associated with AI due to its partnership with IBM and its use cases in supply chain management. This hype could provide additional tailwinds for the VET price.
Conclusion:
VET/USDT is trading in a range on the daily chart, with repeating fractal patterns. Traders can look for breakout and retracement opportunities based on these patterns. The recent hype surrounding AI-related cryptocurrencies could also provide additional momentum for VET.
Fractal Analysis:
Repeating patterns: The VET/USDT chart has been forming a series of repeating patterns, such as triangles and flags. These patterns suggest that the price is likely to continue moving within a range until a breakout occurs.
Fibonacci retracement: Applying Fibonacci retracement to the previous bullish impulse wave shows that the 0.618 and 0.5 retracement levels are at $0.06 and $0.07, respectively. These levels could act as potential targets for a breakout.
Trading Opportunities:
Breakout trades: Traders can look for breakout opportunities above the resistance level of the current pattern. A breakout above $0.055 could signal a continuation of the bullish trend.
Retracement trades: After a breakout, traders can look for retracement opportunities to enter a trade in the direction of the breakout. The 0.618 and 0.5 Fibonacci retracement levels could be potential areas of support.
Artificial Intelligence (AI) Hype:
There is currently a lot of hype surrounding AI-related cryptocurrencies. VET has been associated with AI due to its partnership with IBM and its use cases in supply chain management. This hype could provide additional tailwinds for the VET price.
Conclusion:
VET/USDT is trading in a range on the daily chart, with repeating fractal patterns. Traders can look for breakout and retracement opportunities based on these patterns. The recent hype surrounding AI-related cryptocurrencies could also provide additional momentum for VET.
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