{
  "ticker": {
    "uuid": "50463379-9139-439f-9929-846eceda8652",
    "symbol": "DAPP",
    "name": "VanEck Crypto& Blockchain Innovators ETF A USD Acc",
    "exchange": "EBS",
    "country": "CH",
    "assetType": "etf"
  },
  "methodBoundary": "Trend Architecture is a weekly structural classification, not a forecast, probability of return, recommendation or execution signal. Confidence measures geometric agreement and external confirmation only.",
  "analysis": {
    "eligible": true,
    "as_of": "2026-08-07",
    "benchmark": "^SSMI",
    "stage": 3,
    "stage_name": "Distribution",
    "phase": "3a",
    "phase_label": "Stage 3A \u00b7 Churning",
    "transition": "stage_3_churning",
    "transition_label": "Stage 3 range intact",
    "confidence": 96.0,
    "architecture_regime": "deceleration",
    "architecture_regime_label": "Deceleration",
    "architecture_modifier": "Recompressing",
    "architecture_gate": "mixed",
    "architecture_direction": -18.225,
    "architecture_energy": 26.875,
    "architecture_maturity": 41.871,
    "architecture_confidence": 64.2,
    "architecture_tenure": "Developing",
    "architecture": {
      "interpretation": {
        "headline": "The upward structure remains, but its energy is decelerating.",
        "body": "Trend remains positive, but Activity or price acceptance is losing strength. This can become a healthy recompression, a re-acceleration, or a Rotation Down."
      },
      "scores": {
        "balance": 49.99,
        "rotation_up": 14.51,
        "upward_expansion": 15.7,
        "deceleration": 66.63,
        "rotation_down": 59.34,
        "downward_expansion": 40.7
      },
      "activity_lines": [
        10.222533,
        10.546964,
        10.864233,
        10.57734
      ],
      "activity_state": "Compressed",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": -0.5
    },
    "latest_close": 10.178,
    "trend_reference": 10.258833,
    "distance_from_trend": -0.007879,
    "trend_direction": "Improving",
    "fair_value": 8.153054,
    "distance_from_fair_value": 0.248366,
    "fair_value_direction": "Weakening",
    "relative_strength": -13.753818,
    "relative_strength_direction": "Weakening",
    "price_momentum": 0.218776,
    "excess_performance": 0.135893,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": false,
        "value": -0.007879,
        "read": "Below"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.019268,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.248366,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.302859,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.137538,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.26001,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.218776,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 4.150914,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 10446,
      "relative_activity": 0.580733,
      "balance": 4.150914,
      "dry_up": 0.537815,
      "accumulation_observations": 1,
      "distribution_observations": 0
    },
    "risk": {
      "range_context": 0.093066,
      "annualized_volatility": 0.534437,
      "from_high_reference": -0.343355,
      "from_low_reference": 0.34434
    },
    "levels": {
      "trend_reference": 10.258833,
      "fair_value_reference": 8.153054,
      "structural_low": 7.926,
      "invalidation": "A decisive breakout above range resistance with renewed RS leadership invalidates the distribution reading; a range-low break confirms deterioration."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 12,
        "median_return": 0.000673,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": -0.037095,
        "regime_survival": 0.416667,
        "best_return": 0.378005,
        "worst_return": -0.308065,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 6,
        "median_return": 0.093037,
        "positive_rate": 0.833333,
        "directional_follow_through": 0.833333,
        "median_excess_return": 0.039793,
        "regime_survival": 0.166667,
        "best_return": 0.894839,
        "worst_return": -0.4924,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 4,
        "median_return": 0.157877,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": 0.114698,
        "regime_survival": 0.0,
        "best_return": 0.510058,
        "worst_return": -0.118098,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 2,
        "median_return": 0.682091,
        "positive_rate": 1.0,
        "directional_follow_through": 1.0,
        "median_excess_return": 0.628646,
        "regime_survival": 0.5,
        "best_return": 0.766278,
        "worst_return": 0.597903,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2024-11-01",
        "end": "2025-01-03",
        "tenure": "Developing",
        "return": 0.210832,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2025-01-10",
        "end": "2025-03-07",
        "tenure": "Developing",
        "return": -0.3154,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2025-03-14",
        "end": "2025-04-04",
        "tenure": "New",
        "return": -0.199541,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2025-04-11",
        "end": "2025-06-13",
        "tenure": "Developing",
        "return": 0.658786,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
        "start": "2025-06-20",
        "end": "2025-08-01",
        "tenure": "Developing",
        "return": 0.141628,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-08-08",
        "end": "2025-08-22",
        "tenure": "New",
        "return": 0.074973,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2025-08-29",
        "end": "2025-09-12",
        "tenure": "New",
        "return": 0.119612,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-09-19",
        "end": "2025-11-21",
        "tenure": "Developing",
        "return": -0.275201,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2025-11-28",
        "end": "2026-02-06",
        "tenure": "Developing",
        "return": -0.226759,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2026-02-13",
        "end": "2026-04-24",
        "tenure": "Developing",
        "return": 0.252523,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2026-05-01",
        "end": "2026-05-08",
        "tenure": "New",
        "return": 0.169849,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
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        "tenure": "New",
        "return": 0.074663,
        "active": false
      },
      {
        "regime": "upward_expansion",
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        "end": "2026-07-03",
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      },
      {
        "regime": "deceleration",
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        "return": -0.073548,
        "active": true
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    ],
    "chart_path": [
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        "date": "2023-08-18",
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        "modifier": "Balance after decline",
        "gate": "down",
        "direction": -5.096734,
        "energy": 24.172873,
        "activity_lines": [
          10.067,
          9.604145,
          9.464114,
          9.689912
        ]
      },
      {
        "date": "2026-05-08",
        "close": 11.764,
        "volume": 42215,
        "typical_volume": 26495.1,
        "trend": 10.202833,
        "fair_value": 7.583683,
        "relative_strength": 12.247204,
        "stage": 1,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "mixed",
        "direction": 45.413223,
        "energy": 58.401075,
        "activity_lines": [
          10.736533,
          10.0402,
          9.674448,
          9.785888
        ]
      },
      {
        "date": "2026-05-15",
        "close": 11.572,
        "volume": 4074,
        "typical_volume": 26529.35,
        "trend": 10.148567,
        "fair_value": 7.635571,
        "relative_strength": 8.762243,
        "stage": 1,
        "regime": "rotation_up",
        "modifier": "Structural repair",
        "gate": "mixed",
        "direction": 40.098061,
        "energy": 67.710848,
        "activity_lines": [
          11.113733,
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          9.856419,
          9.874222
        ]
      },
      {
        "date": "2026-05-22",
        "close": 11.96,
        "volume": 16800,
        "typical_volume": 27214.3,
        "trend": 10.116167,
        "fair_value": 7.689897,
        "relative_strength": 9.397557,
        "stage": 3,
        "regime": "rotation_up",
        "modifier": "Value reclamation",
        "gate": "mixed",
        "direction": 50.52192,
        "energy": 72.807818,
        "activity_lines": [
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          10.0674,
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        ]
      },
      {
        "date": "2026-05-29",
        "close": 12.436,
        "volume": 126408,
        "typical_volume": 32805.85,
        "trend": 10.0649,
        "fair_value": 7.746218,
        "relative_strength": 12.592291,
        "stage": 3,
        "regime": "rotation_up",
        "modifier": "Value reclamation",
        "gate": "up",
        "direction": 80.355508,
        "energy": 87.494839,
        "activity_lines": [
          11.888,
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          10.31181,
          10.140755
        ]
      },
      {
        "date": "2026-06-05",
        "close": 11.236,
        "volume": 4703,
        "typical_volume": 32144.35,
        "trend": 10.0445,
        "fair_value": 7.795804,
        "relative_strength": 2.586431,
        "stage": 3,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
        "direction": 64.164114,
        "energy": 72.563169,
        "activity_lines": [
          11.7808,
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          10.21631
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      },
      {
        "date": "2026-06-12",
        "close": 11.88,
        "volume": 1925,
        "typical_volume": 26900.3,
        "trend": 10.101367,
        "fair_value": 7.849955,
        "relative_strength": 5.505793,
        "stage": 3,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
        "direction": 66.800488,
        "energy": 63.128054,
        "activity_lines": [
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      },
      {
        "date": "2026-06-19",
        "close": 12.438,
        "volume": 1056,
        "typical_volume": 26665.75,
        "trend": 10.222133,
        "fair_value": 7.904734,
        "relative_strength": 9.524527,
        "stage": 3,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
        "direction": 75.292111,
        "energy": 62.650607,
        "activity_lines": [
          12.016667,
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        ]
      },
      {
        "date": "2026-06-26",
        "close": 11.02,
        "volume": 3673,
        "typical_volume": 22564.0,
        "trend": 10.229467,
        "fair_value": 7.948131,
        "relative_strength": -5.757568,
        "stage": 3,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
        "direction": 58.190537,
        "energy": 41.111029,
        "activity_lines": [
          11.693333,
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          10.935286,
          10.536955
        ]
      },
      {
        "date": "2026-07-03",
        "close": 10.57,
        "volume": 59,
        "typical_volume": 20187.7,
        "trend": 10.218933,
        "fair_value": 7.985119,
        "relative_strength": -11.020495,
        "stage": 3,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
        "direction": 43.127391,
        "energy": 28.739188,
        "activity_lines": [
          11.282667,
          11.514182,
          10.964748,
          10.558925
        ]
      },
      {
        "date": "2026-07-10",
        "close": 10.986,
        "volume": 10296,
        "typical_volume": 18971.4,
        "trend": 10.2324,
        "fair_value": 8.018176,
        "relative_strength": -6.149767,
        "stage": 3,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 37.287068,
        "energy": 21.594997,
        "activity_lines": [
          11.135067,
          11.421964,
          11.024076,
          10.608413
        ]
      },
      {
        "date": "2026-07-17",
        "close": 9.559,
        "volume": 15097,
        "typical_volume": 18196.9,
        "trend": 10.229433,
        "fair_value": 8.046119,
        "relative_strength": -18.527924,
        "stage": 3,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 2.228093,
        "energy": 19.628001,
        "activity_lines": [
          10.528467,
          11.053382,
          10.936748,
          10.564968
        ]
      },
      {
        "date": "2026-07-24",
        "close": 10.768,
        "volume": 438,
        "typical_volume": 17664.15,
        "trend": 10.258233,
        "fair_value": 8.082638,
        "relative_strength": -7.889547,
        "stage": 3,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 10.76903,
        "energy": 20.478191,
        "activity_lines": [
          10.4796,
          10.944709,
          10.960648,
          10.599714
        ]
      },
      {
        "date": "2026-07-31",
        "close": 10.01,
        "volume": 12715,
        "typical_volume": 17622.65,
        "trend": 10.276567,
        "fair_value": 8.116933,
        "relative_strength": -14.174621,
        "stage": 3,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": -1.114366,
        "energy": 17.875293,
        "activity_lines": [
          10.2894,
          10.712836,
          10.905748,
          10.583699
        ]
      },
      {
        "date": "2026-08-07",
        "close": 10.178,
        "volume": 10446,
        "typical_volume": 17987.6,
        "trend": 10.258833,
        "fair_value": 8.153054,
        "relative_strength": -13.753818,
        "stage": 3,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "mixed",
        "direction": -18.225447,
        "energy": 26.874788,
        "activity_lines": [
          10.222533,
          10.546964,
          10.864233,
          10.57734
        ]
      }
    ],
    "method": {
      "price_basis": "completed market observations",
      "trend": "Trend provides the primary directional reference.",
      "fair_value": "Fair Value provides long-term price context and is not a forecast or target.",
      "relative_strength": "Relative Strength shows leadership or lagging performance against the market benchmark.",
      "classification": "The SM framework combines Trend, Activity, Fair Value, Relative Strength and participation into a structural read."
    }
  }
}