Currently, the crypto market is in the red and cryptocurrencies in the market are losing massively in terms of price. This negative trend has been attributed to China’s clampdown on crypto-related activities, especially Bitcoin mining. Despite this notable downtrend, crypto traders and investors are still determined to keep buying the low, believing that there will always be a bullish trend eventually.
In this confidence, a VeChain-based analyst and trader is determined to keep buying, stating that he has spotted a price level where he would buy VeChain (VET) heavily.
VeChain (VET) Bull Run from March 2020 Still Intact
Over the last few weeks, the news coming from the most populous country in the world, China, have not been favorable to crypto evolvement.
According to a report on Monday 21st June, the central bank of China called a meeting with the country’s commercial banks to close any crypto-related accounts. This and other factors are negatively affecting the price trend of cryptocurrencies in the market.
However, a VeChain-centric analyst and trader identified on Twitter as Saleh Ahmed is of the opinion that VeChain’s bullish trend that started in March 2020 would still be intact, even if the price of the digital token VET drops to $0.044.
Without giving any room to FUD that spreads around the world about crypto, the technical analyst stated that he will buy VET heavily when the price drops to $0.056.
Saleh Ahmed tweeted, “Even at 0.044, the VET bullrun from March 2020 would be intact. The weekly 50MA at 0.056 – that’s where I’m buying heavily. Keep it simple, ignore the noise.”
Even at 0.044, the $VET bullrun from March 2020 would be intact.
The weekly 50MA at 0.056 – that's where I'm buying heavily.
— Saleh Ahmed Ⓥ (@SalehAhmedd_) June 21, 2021
Meanwhile, the price of VeChain (VET) continues to tend to the current negative trend. At the time of writing, VET is trading at $0.08573, with a relatively 5% price plummet based on 24 hours estimation.
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