- VeChain’s recovery from recent lows is driven by strong fundamental news.
- The VeChainThor Blockchain’s Mainnet Launch is expected at end-June.
- Weekly Chart: VEN experienced a 3639% return within two months from end-December to January.
- Daily Chart: VEN/BTC pair broke out of an inverted head and shoulders pattern, with a minimum target of 0.00063 levels.
- Traders who own VEN should hold their positions, with a possibility of a move to 0.00062 levels.
- Traders who haven’t purchased VEN should wait for a dip towards the 20-day EMA to buy, with a stop loss at 0.0004.
- If there is no dip, traders can wait for a consolidation or correction at the overhead resistance and then buy the breakout.
- Rally to lifetime highs is likely once the bulls succeed in breaking out the lifetime highs.
- Market data provided by HitBTC exchange.
- Charts for the analysis provided by TradingView.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of coinpostman. Every investment and trading move involves risk, you should conduct your own research when making a decision.
