Vechain has lost nearly 50% since it peaked at 0.0008BTC at the beginning of the last week in February. What should we expect of this token in the coming days? The following 2 March VENBTC price prediction issues a technical forecast based on Elliott wave theory.
02 March, AtoZForex – On 6th December 2017, Vechain was trading at 60 cents (0.000049Btc) with market cap of $166 Million and $22.8 Million 24-hour trading volume. Six weeks after, on 22nd January, Vechain traded at $9.45 (0.0008Btc) with over $2.6 Billion market cap and $390 million 24-hour volume. That was a big increase. That was 1475% in just six weeks in a period when most coin had a rough time especially from the 3rd week on December 2017. This token, surely, is no push over. It even did better against BTC with more than 1500% gain in the same period.
VENBTC rally was impulsive. A clear impulsive pattern was seen up to the 22 January peak. After such a move, a 3-wave correction would be expected (bearish in this case) according to Elliott wave theory. It seems that is happening. From the 22 January peak, we are now seeing what could end up being a double zigzag corrective pattern. The correction is not yet complete. Price is expected to dip further. The chart below shows a clearer picture.
2 March VENBTC price prediction – Why Vechain could fall more
The chart above shows the possibility of a three wave decline to continue to 0.00023. If you are trying to buy Vechain, maybe a little patience would be good as the decline does not look complete yet. At the end of the bearish correction, a new bullish opportunity could present itself. Currently, Vechain trades at $4.75 ( 0.00042762 BTC) with market cap of $2,250,712,485.
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