Technical analysis by alizeynali69 about Symbol VET: Buy recommendation (1/6/2025)

🔍 Technical Analysis of VET/USDT📌 Introduction to the VeChain Project:VeChain is an advanced blockchain platform designed to enhance supply chain management and business processes. By leveraging blockchain technology 🌐 and IoT 📡, VeChain enables companies to boost transparency and efficiency in their supply chains. Its primary goals include reducing costs, improving product quality, and increasing trust in business operations.📌 General Overview:The VET coin, a leading project in the blockchain space, is currently trading within an ascending channel on the weekly timeframe. This movement suggests a potential continuation of the bullish trend; however, key levels require close attention.📊 Recent Price Movements:The price recently hit the top of the ascending channel and underwent a short correction.It is now approaching the red support zone (0.03238 - 0.03948) and the midline of the channel.✅ Potential Scenarios:Bullish Scenario 📈:If the price rebounds from the red support zone, it could rally toward the channel's upper boundary.A breakout above the ascending channel's resistance may pave the way for Fibonacci targets.Bearish Scenario 📉:If the red support zone breaks, the price could drop toward the channel's bottom or the gray support zone (0.01638 - 0.01966).📍 Key Zones:Daily Resistance (Yellow):Range: 0.05038 - 0.05504A breakout above this resistance on the daily timeframe opens the path toward the channel's top and higher targets.Fibonacci Targets After Breaking the Channel's Top:1.618 Fibonacci Level: 0.08251 - 0.095072 Fibonacci Level: 0.11594 - 0.138742.618 Fibonacci Level: 0.19679 - 0.23327Critical Supports:Channel's Bottom: The first significant support level.Gray Support Zone (0.01638 - 0.01966): Acts as the final line of defense.🛠️ Entry Strategy & Risk Management ⚠️:Safe Entry:Enter after the price breaks above the ascending channel and consolidates above the yellow zone.Stop Loss:Initially, place below the red support zone.After breaking the channel’s top, adjust below the yellow zone.Risk Management:Adjust trade size based on confirmations.Risk only 1-2% of your total capital on this trade.📈 Confirmation Factors for the Move:Trading Volume:A noticeable increase in volume during the breakout of resistance or support signals a strong move.RSI Indicator:RSI above 60 indicates a bullish continuation.Entry into the Overbought zone could lead to a sharp rally toward higher targets.🚀 Conclusion 🏆:This analysis highlights that VET is at a critical and sensitive juncture. With proper risk management and confirmation of technical signals, this coin could present exciting investment opportunities.