Is It Too Late to Buy VeChain? VET Price Rockets 50% and This New AI Meme Coin is About to Explode

cryptonews.com:

As institutional layer-1 VeChain continues to mount an impressive climb, many are asking if it’s now too late to jump on the VeChain train.

This article will provide an analysis of VET’s current price trends and look to see whether a newer AI meme coin, Scotty AI, represents a more promising investment opportunity at this time.

$VET #Vechain

Is history going to repeat itself? pic.twitter.com/JMLzg30dPn

— R.eth (@CryptoRobbb) February 20, 2024

As price action shifts bullish ahead of a promising year on crypto markets, VeChain holders are already hyping up over rumors of a possible listing on leading US exchange UpHold, and the skyrocket sentiment is plain to see on crypto X (Formerly Twitter) – with VET holders jubilant and teasing major price targets.

With price action recoiling from a local high, VeChain is currently trading at a market price of $0.044 (representing a 24-hour change of -1.54%).

Downside movements grip action locally following rejection from topside resistance at $0.051 on February 16, with the roll-back now standing at -16%.

However, with well-defended support around $0.045, it seems likely that the price will consolidate at ongoing price levels.

Some concern emerges from growing divergence from the 20DMA (sat at $0.034), a moving average that has given legs to much of VET’s upside moves since October.

With the VET price standing high above this key support, the need to retest this level could soon trigger a dramatic -22% downtick if the price fails to stabilize.

Meanwhile, the 200DMA remains ascendant and climbing, although below the trading channel down at $0.025.

Further cause for concern stems from the RSI, which is displaying an overheated bearish divergence at 77.7 – a signal that suggests price could