VeChain, a digital currency asset, has been trading in a descending channel from all-time highs since April 2021. The asset recently experienced a price dip below the $0.02 price point after facing resistance to a bullish breakout. This is the fifth attempt by VeChain to break out of the channel, with the previous four attempts all being unsuccessful. Nevertheless, renowned crypto analyst, Egrag, believes that the asset is closer to a potential breakout from the channel than ever before and has identified a buy opportunity.

Egrag notes that a double bottom pattern may form at the $0.015 price point or the $0.007 zone in the event of deeper declines. He has set up three targets leading to an ultimate price of $1.66, with the first and second targets situated at $0.0648 and $0.11649, respectively.

The buy opportunity created by this current market trend is available in the buy zone between $0.012 and $0.025 and possibly even further in the “ultimate buy zone” between $0.006 and $0.012. The asset is currently trading at $0.01947, up 1.35% in the last 24 hours.

The VeChain Foundation has been supporting the project by introducing a variety of initiatives to improve the asset’s real-world utility. These include the VeWorld self-custody wallet launched in February, and the no-gas fee feature unveiled last month.

All in all, this provides an attractive buy opportunity for VeChain (VET) traders who are looking to capitalize on the much-anticipated breakout from the descending channel. Furthermore, with numerous initiatives to bolster the asset’s real-world utility, VET appears to have a particularly bright future.



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