🪙💡Can VeChain now take off? Analysis based on the daily chart with possible support levels and medium-term scenarios.

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Analysis of the daily chart (1D):

Current rate: 0.04689 USD
Daily High: 0.04798 USD
Depth: 0.04676 USD
SMA 50: 0.04680 USD (currently being tested).
RSI: 46.01 (neutral to slightly bearish).
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Technical observations:

1. SMA 50 (Support):

The price is currently testing the SMA 50 line. A sustained break below it could activate the next support zone at $0.045.

2. RSI:

The RSI is in the neutral zone, indicating neither an oversold nor an overbought situation. A drop below 40 would be bearish.

3. Volume:

The trading volume is relatively low, indicating a consolidation phase or low buying activity.
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Important support and resistance levels:

Support zones:

1. 0,04600–0,04550 USD: First support zone that could provide short-term stability.

2. 0.043-0.042 USD: Lower support area in case the price falls below 0.045 USD.

Resistance zones:

1. 0,04850–0,04900 USD: Local resistance that needs to be broken to generate bullish momentum.

2. 0.050–0.051 USD: Stronger resistance zone, based on previous highs and volume.
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Possible scenarios:

Bullish scenario:

If the price defends the SMA 50 (0.04680 USD) and volume increases, a rise towards 0.04850 USD could occur.

A sustainable breakthrough above 0.04850 USD could move the price towards 0.050-0.051 USD.

Bearish scenario:

A break below $0.046 would drive the price towards $0.045 or lower.

If 0.045 USD does not hold, the next targets would be 0.043-0.042 USD.
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Recommendation:

1. Entry opportunity:

Wait to see if the support at 0.046 USD holds.

An entry could be made on a rebound above $0.047 USD.

2. Stop-Loss:

Set the stop loss just below 0.045 USD if you enter the 0.046 USD range.

3. Take-Profit:

Short term at 0.04850 USD (local resistance).

Mid-term at 0.050-0.051 USD, if the price builds momentum.

This is not financial advice.
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