02Feb

Elliott Wave Analysis: VeChain (VETUSD) Technical Outlook - February 2, 2024

Elliott Wave Analysis TradingLounge Daily Chart, 2 February 24, 

VETUSD Elliott Wave Technical Analysis

In this Elliott Wave Analysis from TradingLounge, we delve into the VeChain/U.S. dollar (VETUSD) pair, focusing on its potential trading opportunities.

Functioning within the framework of Elliott Wave theory, VETUSD exhibits a Motive Mode with an Impulse Structure, currently positioned at Wave ((5)). Anticipated movement suggests an upward trajectory, with Wave I of Impulse at the next higher degree.

Key technical details highlight a critical invalidation level at 0.2100, with Wave ((5)) mirroring 61.8% of Wave ((1)) through Wave ((3)) at 0.04095.

Trading Strategy: Following the completion of the fourth wave correction, a fifth wave of upward momentum is anticipated. The target level for this move is set at 0.04095, aligning with the 61.8% retracement level of Wave 1 through Wave 3.

Technical Indicators: Notably, the price remains above the MA200, indicating an uptrend, with Wave Oscillators reflecting bullish momentum.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA

For more insights and analysis, visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

VETUSD-Day-Crypto-Ch...

 


 

Elliott Wave Analysis TradingLounge 4Hr Chart, 2 February 24,  

For a comprehensive view of the market, let's also explore the Elliott Wave Analysis for Polkadot/U.S. dollar (DOTUSD) pair.

Functioning similarly to VETUSD, DOTUSD follows a Motive Mode with an Impulse Structure, currently positioned at Wave ((5)). Key levels and technical details mirror those of VETUSD, offering potential trading opportunities.

Trading Strategy: Likewise, DOTUSD anticipates a fifth wave increase following the completion of the fourth wave correction. The target level aligns with the 61.8% retracement level of Wave 1 through Wave 3.

Technical Indicators: Contrary to VETUSD, DOTUSD's price is below the MA200, indicating a downtrend. Additionally, Wave Oscillators reflect bearish momentum.

For a comprehensive analysis and potential trading setups, continue to monitor the Elliott Wave patterns and technical indicators.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA

See Previous: Polkadot/U.S. dollar(DOTUSD)

VETUSD-4h-Crypto-Cha...

Related

AUDUSD Technical Analysis: Elliott Wave Insights, Daily & 4-Hour Chart Trends, Forecasts, and Trading Strategies for 2025

AUDUSD Technical Analysis: Elliott Wave Insights, Daily & 4-Hour Chart Trends, Forecasts, and Trading Strategies for 2025

Based on Elliott Wave analysis, the Australian Dollar to US Dollar (AUDUSD) pair is undergoing a sig...

Read More >
Polkadot Crypto Price News Today Elliott Wave Technical Analysis: Price Trends, Key Levels, and Trading Insights

Polkadot Crypto Price News Today Elliott Wave Technical Analysis: Price Trends, Key Levels, and Trading Insights

Get a comprehensive DOT/USD Elliott Wave analysis, including technical insights and price forecasts....

Read More >
 Insightful Trading Strategies Unveiled: U.S.Dollar/Japanese Yen (USDJPY) Elliott Wave Technical Analysis

Insightful Trading Strategies Unveiled: U.S.Dollar/Japanese Yen (USDJPY) Elliott Wave Technical Analysis

The intricacies of USDJPY Elliott Wave Analysis through our comprehensive insights tailored for trad...

Read More >
 NASDAQ Stock Market Report: AAPL, TSLA, AMZN, NVDA, MSFT, Meta Platforms, NFLX, GOOGL

NASDAQ Stock Market Report: AAPL, TSLA, AMZN, NVDA, MSFT, Meta Platforms, NFLX, GOOGL

NASDAQ-listed stocks, including AAPL, TSLA, AMZN, NVDA, MSFT, Meta Platforms, NFLX, and GOOGL. The a...

Read More >
DAX (Germany) Elliott Wave Analysis: Index Trends, Market Outlook, and Price Predictions Based on Elliott Wave Theory.

DAX (Germany) Elliott Wave Analysis: Index Trends, Market Outlook, and Price Predictions Based on Elliott Wave Theory.

DAX Elliott Wave Analysis provides a comprehensive look at the DAX index trends, market outlook, and...

Read More >

$1 for 2 Weeks

then $29 a month!

What a Special Offer!

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering 250+ markets:

  • Stock Trades
  • Crypto Trades
  • Forex Trades
  • Commodity Trades
Elliott Wave Analysis

Gain a competitive edge with expert insights and AI-powered Elliott Wave charting into:

  • Global Indices
  • US Stocks & ASX Stocks
  • Forex & Crypto
  • Commodities
Top-Notch Trading Tools

Equip yourself with the tools of success:

  • Real-time Chat rooms
  • Elliott Wave Algorithm
  • Portfolio tools
  • TradingLevels
  • Screener
  • Trading Game
7 Elliott Wave Analysts

Stay ahead of the market with daily charts and insightful videos
Your secret to strategic trading!

JOIN HERE


Welcome to TradingLounge (ASIC A.R.No. 321187), specialists in trades, trading education and technical analysis, covering stocks, indices, commodities, forex and cryptocurrencies.

When you join TradingLounge you have access to everything we offer, including trade tools, educational content and a social platform to chat with like-minded investors.

Read more

@Copyright 2024 by tradinglounge.com

Contact Us

Australian no: 02 4787 6020

International no: +61 (2) 47876020

Pay with:

Find us on