Vechain Elliott Wave technical analysis [Video]
|VET/USD 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.
Details:
VeChain (VET) has been undergoing a prolonged corrective phase. Currently, its Elliott Wave structure is entering a critical area, potentially signaling the beginning of a new uptrend.
VET/USD trading strategy
Following a peak at $0.08000, VET entered a sharp correction within the (A)-(B)-(C) wave structure. The latest wave (C) appears to have bottomed at $0.02134, marking the low of wave (2).
Currently, signs of recovery are visible, with a key resistance level at $0.03369. The main Elliott Wave sequence has completed waves I–II, and wave (2) appears to have concluded at $0.02134. The market is now in the early phase of a wave 1 uptrend.
-
Key confirmation point:
-
If the price successfully holds above $0.03369, it would confirm that wave (2) is complete and validate a potential uptrend.
-
Trading strategies
Strategy
-
For short-term traders (swing trading):
-
Uptrend begins: If the price breaks above $0.03369, an accelerated price movement is expected.
-
Target levels:
-
First target: $0.04500
-
Next target: $0.06500
-
-
Risk management:
- If the price drops below $0.02134 and further breaches the Wave Cancel Invalid Level at $0.01912, the current Elliott Wave structure will be deemed invalid.
VET/USD 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.
Details:
VeChain (VET) has undergone an extended correction and is now entering a crucial phase where its Elliott Wave structure may indicate the beginning of an uptrend.
VET/USD trading strategy
After reaching a high of $0.08000, VET experienced a strong correction in an (A)-(B)-(C) pattern. Wave (C) appears to have found a bottom at $0.02134, marking the end of wave (2).
Currently, the market is showing recovery signs, with a major resistance at $0.03369. The main Elliott Wave pattern has completed waves I–II, and wave (2) has likely concluded at $0.02134. The market is now in the early stages of a wave 1 uptrend.
-
Key confirmation point:
-
A sustained move above $0.03369 would confirm the completion of wave (2) and validate an upward trend.
-
Trading strategies
Strategy
- For Short-Term Traders (Swing Trading):
- Uptrend Begins: If VET breaks $0.03369, the price is expected to rise swiftly.
- Target Levels:
- First target: $0.04500
- Next target: $0.06500
Risk management
- If the price drops below $0.02134 and breaches W.C. Invalid Level at $0.01912, this Elliott Wave structure will become invalid.
Vechain (VET/USD) Elliott Wave technical analysis [Video]
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.