Well, as the work week starts again and everyone returns to the office, we want to give traders on here an update on VeChain.
Back in July we announced our first position in VeChain and since then we didn’t cover this coin again. After months of relatively low price action the momentum finally returns, as many other altcoins spiked, VeChain managed to gain almost +48% too! As many of our subscribers know, besides bitcoin / ethereum we choose to cover Chainlink, Solana , VeChain and Polkadot . These are our favorite altcoins, and we are already invested in all of them.
So let’s talk about what we got here, to clear things up we provided a Macro chart below which features our count in the 2D chart. Since the last all-time high at 0.278$ VeChain crashed tremendously and over the course of more than a year and a half we tumbled by -95%. Most investors may have already forgotten this gem, nevertheless, we always kept a close eye on this and think it has much potential for the upcoming bullrun.
From a technical perspective, VeChain established a clear ZigZag (5-3-5) correction in which the C-wave caused the most damage. Inside the C-wave a major impulse (marked in blue) hammered the coin downwards, and we have reason to believe that all major bearish impulses have come to an end. Feel free to comment below if you should have any questions regarding the count!
For the upcoming weeks it will be very important to watch the movements of VeChain because we estimate, that the coin will establish a very bullish Wave (i) – Wave (ii) setup, which should push the price above the important 0.03$ level again. Furthermore, the bullish impulse inside Wave (i) seems to be finished and besides an overshooting (b) wave, I don’t believe that we are going to see a further push above 0.023$.
We want to highlight our marked buy zone (blue), new investors can take this opportunity and begin to accumulate coins as soon as the price reaches this zone. (Coordinates 0.0191$ - 0.0162$)
We will continue to build up long positions in the blue Fibonacci zone too!
There is a slight chance that VeChain could still expand further to the downside, but this really depends on how Bitcoin and Ethereum behave in the upcoming correction. To be honest, I Benjamin Mendenmein, don’t believe that we are going to see further low’s in VeChain.
Please notice that we are already invested inVeChain since the 29th of July, back then we announced our first positions here on tradingview.
Read the full statement here:
If you should have any questions whatsoever, you can write a comment or contact me directly!
Long VeChain (VETUSD) AVERAGE EXECUTION PRICE: 0.02449$ STOP-LOSS: NONE LONG TERM TARGET: 0.27$ and more!