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The market data is provided by the HitBTC[1] exchange.
VeChain is the fifteenth-best token in terms of market capitalization[2]. The smart recovery from its recent lows has been on the back of the strong fundamental news. The market participants are excited about the VeChainThor Blockchain whose Mainnet Launch is expected in end-June[3].
So, can it move further or has it run its course? Let’s see its charts.
Weekly Chart
VEN remained in a tight range from mid-November to mid-December of last year. It started an uptrend in end-December, which took it from the lows of 0.00002184 on November 30 to an intraday high of 0.00081678 on January 22 of this year. That’s a 3639 percent return within two months.
The subsequent correction took support close to the 61.8 percent Fibonacci retracement levels of 0.00032752. The digital currency bottomed out on March 30, at 0.00031748.
After a strong break out from the downtrend line, VeChain can reach 0.00062102 levels where it might face some resistance. Once this level is crossed, a retest of the highs will be on the cards.
Daily Chart
On the daily chart, the VEN/BTC pair[4] has broken out of an inverted head and shoulders (H&S) pattern, which has a minimum target objective of 0.00063 levels. This is close to the overhead resistance at 0.00062102, therefore, we can expect a dip or a consolidation at this level.
On the downside, support exists at the 0.00047 levels, below which the neckline of the inverse H&S pattern will
