I saw an earlier chart post that stated VeChain my dip. So let’s do my own take on it & look at the 3 Day Chart…….. because i quite like the look of it. VET is still well within the Bullish Zone of the Ichimoku cloud. It is still above its The Conversion Line (Tenkan Sen), Base Line (Kijun Sen), 50EMA, 100EMA and 200EMA levels. The RSI is showing that momentum is downwards at the moment & the ADX DI SMA is showing that VET is still in a longterm uptrend because the ADX (Yellow Line) is at 44.4, the +DI (Green Line) is at 17.9 above the -DI (Red Line) which is at 7.6, but note that the ADX is slightly under its 10 Period SMA (White Line) which is at 42.8. The Ichimoku Cloud Conversion Line (Tenkan Sen) & Base Line (Kijun Sen) are both moving parallel sideways indicating we may be seeing some consolidation. Around the same level as the Conversion Line (Tenkan Sen) is also where the Bollinger Band Middle Band Basis, so that is an area to keep an eye on as you would always want the 3 day candle to close above that Middle Band Basis. VET has bounced off the Pitchfork Median Line twice in a row this timeframe, indicting strong support at that level. At the moment of typing this, VET is under its Ichimoku Cloud on the 1hr, but still above it on the 2hr so its best practice to keep an eye on the other timeframes to check that there is not a cascading downwards effect happening on the timeframes. If VET does break down through its Pitchfork Median Line then it may find strong support from its Conversion Line (Tenkan Sen) because it has bounced off that level twice previously. If VET does drop further, then the most i think it would drop is a Wick down towards the 50EMA on the 3 day but it wouldn't stay there. If you follow the ways of the Ichimoku Cloud like i do, you can see that the Lagging Span (Chikou Span) on the 3 day is still well above the Previous Price from 30 Periods ago. VET is also quite a distance away from its Hagopian Line so there is no fear of VET crossing that any time soon. I still believe that VET is completely undervalued & is a sleeping giant that once woken will melt faces & any dip should be used as a chance to accumulate more at a cheaper price. From my point of view, unless VET closes below its Pitchfork Median Line on the 1,2 & 3 day charts, then i’m still longterm bullish. I hope this is helpful.
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Please ignore the old chart above as i stupidly forgot to put it in log. Please check out the corrected new version.
