Note: I use multiple indicators just to confirm trend on different systems.
This is what the chart is indicating:
1. 4 out of 4 on Bullish setup on ichimoku system: bullish T-K cross (+1) , price almost above cloud (+1), cloud just turnded bullish (+1), lagging span above price (+1) .
2. Price breaking above cloud on HEALTHY VOLUME (This is important!)
3. About to experience 50-100 MA bullish cross: long signal.
4. Currently price sits at a strong VPVR support.
5. VPVR support suggests strong accumulation.
6. Macro wedge with higher lows. (orange dashed line)
7. Macro head and shoulders (yellow).
Some Fundamental Analysis: Value is a lesser known project and a YFI fork. No red flags (YET) with the dev team. Inflation due to staking is about 12000 coins per week which is 10% annually given the current circulating supply (according to coingecko). The project seems to be undervalued on the basis of the TVL. Does the token have real utility beyond governance ? I don’t know. And the market doesn’t seem to care.
Forecasts:
1. Short term price action may drag price down to 9000 sats. This level has a strong Volume support on VPVR.
2. Over longer time freame, price should break previous high and go to the 1.618 fib level. Uniswap V3 and optimism rollups expected to come out in May so that may act as catalyst for DeFi in general. Smaller projects tend to outperform top caps.
Idea negated if price breaks below 8500 sats
This is what the chart is indicating:
1. 4 out of 4 on Bullish setup on ichimoku system: bullish T-K cross (+1) , price almost above cloud (+1), cloud just turnded bullish (+1), lagging span above price (+1) .
2. Price breaking above cloud on HEALTHY VOLUME (This is important!)
3. About to experience 50-100 MA bullish cross: long signal.
4. Currently price sits at a strong VPVR support.
5. VPVR support suggests strong accumulation.
6. Macro wedge with higher lows. (orange dashed line)
7. Macro head and shoulders (yellow).
Some Fundamental Analysis: Value is a lesser known project and a YFI fork. No red flags (YET) with the dev team. Inflation due to staking is about 12000 coins per week which is 10% annually given the current circulating supply (according to coingecko). The project seems to be undervalued on the basis of the TVL. Does the token have real utility beyond governance ? I don’t know. And the market doesn’t seem to care.
Forecasts:
1. Short term price action may drag price down to 9000 sats. This level has a strong Volume support on VPVR.
2. Over longer time freame, price should break previous high and go to the 1.618 fib level. Uniswap V3 and optimism rollups expected to come out in May so that may act as catalyst for DeFi in general. Smaller projects tend to outperform top caps.
Idea negated if price breaks below 8500 sats
Comment:
Price ranging in the VPVR region as expected. Trade still active.