Market Cap. $2.15B
Circulating Supply: 525.78M VEN
Max Supply: 0 VEN
Volume (24h) $94.45M
VeChain increased significantly today and erased the last day’s minor drop. It has finally managed to jump in the buyer’s territory, so we should have a further increase. The next hours could be crucial because we still need one more confirmation that it will jump much above the 5.0000000 psychological level in the upcoming period.
VEN/USD has finally made an aggressive breakout above the upper median line (UML) of the descending Pitchfork and now approaches the 50% Fibonacci line. It should climb towards the upper median line (uml) of the minor ascending Pitchfork and the first warning line (WL1) of the major descending Pitchfork.
The perspective will remain bullish on the Daily chart as long as the price stays within the ascending pitchfork’s body. The crypto could increase without a broken upper median line (UML) retest. You can notice that its price has been pressing the UML in the last days. However, it could still retest the median line (ml) of the ascending pitchfork in the upcoming days because it could try to capture more directional energy. A significant retreat could appear if the crypto market crashes again.
An important upside movement will be confirmed if the price gets enough directional energy to close above the 4.20381996 high. VEN/USD could be attracted by the confluence area formed between the upper median line (uml) with the150% Fibonacci line. A valid breakout will validate a further increase towards the WL1 of the major descending pitchfork.
If you go long on this crypto, you should place a Stop-loss somewhere below the lower median line (lml) of the ascending pitchfork. Technically, it is expected to double its value in the upcoming months, so it should approach and reach the 8.0000000 level again.