VeChain - Lets have a look at yaVeChain daily chart update:
VeChain had broken upwards through its Falling Wedge Pattern on the 22nd July.
VET has broken upwards through its downward trend-line and successfully re-tested it as support 4 days ago.
Note that VET had successfully tested its Major Longterm Upwards Trend-line as support twice on the 20th-21st July.
As noted on the chart, VeChain may have a new Support Line if VeChain closes this daily candle above it and turns it into support.
VET has found some resistance from its 50EMA and has dropped below it. We 110% need to close a daily candle above this crucial level and turn it into strong support on this 1D timeframe.
VeChain is above its Bollinger Bands Middle Band Basis 20 Period SMA for this 1D timeframe.
VeChain is slightly above its Bollinger Bands Upper band so we may see a drop back under the Upper Band or VET may continue walking upwards on the outside of the Upper BB.
Volume has increased and notice that todays volume bar is way above its Volume 20 Period Moving Average.
VeChain is back above its Volume Profile Visible Range (VPVR) Point of Control (POC) for this charts visible range that I’ve selected.
If VET goes higher, we can expect strong resistance at around. $0.0955
The Moving Average Convergence Divergence (MACD) is showing that the MACD (Blue Line) is still above its Signal Line (Orange Line) and we have Green Histograms of increasing size. We may see the MACD Line (Blue Line) cross back over the 0.0 Level into the positive zone. This would mean that a 12 Period EMA has crossed back over a 26 Period EMA on this 1D timeframe, this would be a very good thing. Note that the MACD Line (Blue Line) has not been in the positive zone above the 0.0 level since 17th May 2021 for this 1D timeframe.
The Average Directional Index (ADX DI) is indicating Positive Momentum has finally overtaken Negative Momentum on this 1D timeframe. The +DI (Green Line) is at 24.82 and has crossed over the -DI (Red Line) which is at 15.46. The ADX (Yellow Line) is starting to curve sideways at 28.46 but still below its 9 Period EMA (White Line) which is at 30.13. Note that this is the fist time the +DI (Green Line) has been above the -DI (Red Line) since 11th May 2021 for this 1D timeframe.
The Chaikin Money Flow (CMF) is indicating a sharp rise in accumulation with the CMF (Green Line) rising from -0.15 to the Zero Line at 0.0. Note that the CMF (Green Line) is back above its Least Squares Moving Average (LSMA) (Blue Line) which is at -0.13. It's a good sign of accumulation strength when the CMF (Green Line) is above the LSMA (Blue Line).
The Relative Strength Index (RSI) is showing a sharp rise in upwards momentum with the RSI (Purple Line) rising to 59.43 from back when it was in the Oversold Zone on the 20th July. Note that the RSI (Purple Line) is back above its 9 Period EMA (Yellow Line) which is at 44.86, this is a good sign of upwards strength.
Congrats if you managed to buy VET at $0.056 or near enough. This rise is great but we shouldn’t jump the gun & we obviously need to keep an eye on what BTC is doing and whether or not BTC can break out upwards from its sideways channel. For VeChain, the daily 50EMA is a crucial level to watch. If VeChain fails to close a daily candle above the 50EMA then VeChain may drop back to its Bollinger Bands Middle Band Basis 20 Period SMA, but at the moment it’s looking very promising VET will close above the 50EMA, but again its best to wait for confirmation if your uncertain to go Long.
I hope this is helpful with your Trading or Hold-ing
