VENETH still trading within channels.

BINANCE:VENETH   VeChain / Ethereum
381 0
This is a continuation of my analysis 24h ago.

I have added a MFI (14) chart to track the money flow to give a rough idea of whether it is in oversold territory yet.

VENETH has broken the 99 day EMA line and is nesting on the edge of the upward moving channel. It looks set to bounce off the channel to complete its wave movement up.

This looks to be confirmed by the 1 day candlestick chart which shows a nice upward moving elliot wave .

However, there is a small chance of breaking out of this channel, therefore I have added a set of parallel blue channel lines to show a potential downward movement. That would be my signal to reallocate some VENETH back to ETH until a clearer trend presents itself.

Regardless, nothing changed to VENETH 's fundamentals. More good news coming up in a month's time with a scheduled rebranding event. Take the chance to pick up VENETH .

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