VET/USD (VeChain to U.S. Dollar) Elliott Wave Analysis – TradingLounge Daily Chart
VETUSD Elliott Wave Technical Analysis
Function: Counter-trend
Mode: Corrective
Structure: Zigzag
Position: Wave (C)
Next Higher Degree Direction: Wave ((2)) of Impulse
Wave Cancellation Invalid Level: $0.01907
Market Overview:
VeChain (VET) has been navigating an extended correction phase, aligning with its Elliott Wave structure. Currently, it is entering a crucial zone that may signal the start of a new uptrend.
VET/USD Trading Strategy
Following its peak at $0.08000, VET entered a corrective wave (A)-(B)-(C). The latest wave (C) has seemingly found a bottom at $0.02134, marking a potential end to wave (2).
Currently, signs of recovery are evident, with a significant resistance level at $0.03369. The primary Elliott Wave sequence has completed waves I–II, and wave (2) appears to have concluded at $0.02134. The market is now transitioning into the early stages of an uptrend in wave 1.
Key Confirmation Point
If VET/USD sustains a price above $0.03369, it will confirm the completion of wave (2) and validate a potential bullish trend.
Trading Strategies
✔ For Short-Term Traders (Swing Trading):
✔ Uptrend Confirmation: If the price breaks above $0.03369, an accelerated bullish movement is expected.
✔ Target Levels:
- First Target: $0.04500
- Next Target: $0.06500
📉 Risk Management:
If the price drops below $0.02134 and breaches the Wave Cancellation Invalid Level at $0.01912, the current Elliott Wave structure will be invalidated.
VET/USD (VeChain to U.S. Dollar) Elliott Wave Analysis – TradingLounge H4 Chart
VETUSD Elliott Wave Technical Analysis
Function: Counter-trend
Mode: Corrective
Structure: Zigzag
Position: Wave (C)
Next Higher Degree Direction: Wave ((2)) of Impulse
Wave Cancellation Invalid Level: $0.01907
Market Overview:
VeChain (VET) has been undergoing a prolonged correction and is now approaching a critical juncture where its Elliott Wave structure suggests the potential start of an uptrend.
VET/USD Trading Strategy
After reaching a high of $0.08000, VET underwent a strong correction in an (A)-(B)-(C) wave pattern. Wave (C) appears to have bottomed out at $0.02134, marking the end of wave (2).
Currently, the market is showing signs of recovery, with a major resistance at $0.03369. The primary Elliott Wave structure has completed waves I–II, and wave (2) likely ended at $0.02134. The market now appears to be in the early phase of wave 1 uptrend.
Key Confirmation Point
A sustained move above $0.03369 would confirm wave (2) completion and validate an uptrend continuation.
Trading Strategies
✔ For Short-Term Traders (Swing Trading):
✔ Uptrend Confirmation: If VET/USD breaks $0.03369, a sharp price increase is expected.
✔ Target Levels:
- First Target: $0.04500
- Next Target: $0.06500
📉 Risk Management:
If the price declines below $0.02134 and breaches the Wave Cancellation Invalid Level at $0.01912, the Elliott Wave structure will be invalidated.
Technical Analyst: Kittiampon Somboonsod
Source: Visit Tradinglounge.com and learn from the Experts. Join TradingLounge Here
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