VeChain - 1hr Chart - Potential Descending Broadening Wedge

I thought id do a short-term outlook for VeChain. If we look at the 1hr Chart for VeChain, we can see that VET has a potential Descending Broadening Wedge Pattern which is a potential continuation pattern. At the moment of typing this, VET is inside the Ichimoku Cloud (Kumo) Equilibrium Zone indicating uncertainty for this timeframe. VET has found strong resistance from its Leading Span A (Senkou Span A) and is trying to make its way above it, VET has also found resistance from its Base Line (Kijum Sen), below that is a potential support line and slightly below that is the Leading Span B (Senkou Span B) as another potential support. Ideally we want to close a 1hr candle above the Leading Span A (Senkou Span A) and turn that into strong support. The MACD histogram is still indicating bearish momentum may possibly continue sideways on the 1hr with the MACD Line (Blue Line) still under the Signal Line (Orange Line). The MACD histogram has moved closer to its base line because the distance between the MACD and the Signal has narrowed but its too early to say if we could get a Bullish momentum crossover for this timeframe. The ADX DI SMA is indicating a downtrend for this timeframe because the ADX (Yellow Line) is at 22.7 and above its 10 Period SMA which is at 13.2. The -DI (Red Line) is at 20.2 & above its +DI (Green Line) which is at 10.3. Note however that the -DI Line is pointing down and the +DI Line is starting to point up indicating we may see a potential bullish crossover. The Lagging Span (Chikou Span) is indicating sideways momentum. If VET does drop further, & the Leading Span B (Senkou Span B) support fails "which i don't believe it will because we keep testing the upper Leading Span A (Senkou Span A) resistance', but if it does fail, then it could drop to around $0.035 which is the bottom of the Descending Broadening Wedge Pattern & rebound from there. If it does then i will accumulate more, if we fail to close above the Leading Span A (Senkou Span A), we may possibly continue sideways within the cloud until we push out of it on our sideways momentum. For me, i am still longterm bullish with VeChain & remember that it is still in a Longterm Uptrend so any dips should be used to accumulate more. I hope this is helpful. Good luck 🙏

Comment:

The Next Potential Price Point if we break upwards out of this Descending Broadening Wedge Pattern without hitting the bottom of the wedge again. Obviously that means we need to close above the Leading Span A (Senkou Span A) and turn it into strong support for this timeframe. I hope this is helpful. Good Luck

Comment:

VeChain has broken out of its Descending Broadening Wedge Pattern & we have a Cloud (Kumo) crossover into an uptrend. Measuring points 1 & 2, If we stay above the pattern, we could eventually see a rise up to 33% - 34%. I hope this is helpful. Good Luck 🙏