VeChain - Longterm Weekly Chart AnalysisLet’s have a look at the weekly chart for the most criminally undervalued crypto EVER. A Blockchain that is actually being USED by some of the words top companies and has a client base that would make any corporate jealous & salivate with envy. It HAS and IS everything every other Blockchain wishes it was. Worthy of note it that the behemoth PwC is an actual shareholder! I’m talking of course about VeChain.
VET is below its Bollinger Bands Middle Band Basis 20 Period SMA. A weekly CLOSE ABOVE this level is crucial.
VET is still above its 50EMA on this 1W timeframe.
VET is still above its Least Squares Moving Average (LSMA) and note that the last weekly candle bounced off the LSMA as support.
Note that overall Volume is still relatively low and the last 16 weekly Volume Bars have been below its Volume 20 Period Moving Average.
VET is still above its Volume Profile Visible Range Point of Control (VPVR POC) for this charts Visible Range.
VET is below its Volume Profile Fixed Range Point of Control (VPFR POC) for the fixed range of 9 Weekly Candles that i have selected. A weekly Candle CLOSE ABOVE this POC is crucial.
I have added a few support and resistance areas. At the moment, VET has found some support from its lower support area located at around $0.107 - $0.113 . A weekly CLOSE ABOVE the support are is crucial but not the end of the world if we don’t as there is still a lot of support below.
Note that VET is in a massive Symmetrical Triangle on this weekly timeframe. Note that the APEX is around the week of the 13th December.
The Moving Average Convergence Diveragnce (MACD) is indicating momentum is downwards at the moment and note that the MACD Line (Blue Line) has crossed back under its Signal Line (Orange Line) creating a Red Histogram. Note however that the MACD Line (Blue Line) is still above the 0.0 Base Line in the Positive Zone. A drop below the 0.0 basle line on this 1W timeframe will be very bad so its crucial VET stays above the 0.0 base line in the positive zone.
The On Balance Volume (OBV) is indicating momentum is downwards within a range at the moment. Note that the OBV (Blue Line) is below its 9 Period EMA (Yellow Line). We need the OBV (Blue Line) to cross back above the 9 Period EMA (Yellow Line) as well as break back ABOVE the dotted line at around 162.8B and then at around 163.72B for upwards momentum confirmation. The OBV indicator needs to stay above the 160.079B level.
Looking at this longterm chart, even if VET does drop lower, it would still be in a longterm uptrend so long as VET CLOSES ABOVE its Longterm Trend-Line (Dashed Line).
Unless BTC massively shits the bed again down to $28k then VET won’t drop to $0.07 but VET may possibly drop to $0.099 - $0.0934 if downwards pressure continues and VET cannot make a higher low or higher high next week.
Hopefully, after the release of POA2.0, we’ll see VeChain added onto other major exchanges & platforms like Kraken, Coinbase, Phemex, eToro and Bitstamp which will bring much needed liquidity and exposure. I mean FFS, if ShibaInu & Dogecoin are good enough for Coinbase & eToro, surely VET must be. ;-)
I hope this is helpful with your Trading and Hodl-ing.
Notes for those who don’t know:
LSMA = Black Squiggly Line on Chart
50EMA = Yellow Squiggly Line on Chart
Bollinger Bands = Grey Bands on Chart
Longterm Trend-Line = Dashed Line on Chart
VPVR POC = Long Horizontal Red Line on Chart
VPFR POC = Short Horizontal Red Line on Chart
Volume Bars = Green and Red Bars Bottom of Chart
Volume 20 Period MA = Blue Line going through Volume Bars on Chart
Support and Resistance Areas = Black Lines with Yellow Shading on Chart
Symmetrical Triangle = Ascending dn Descending Trend-Lines
