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VeChain At The Key Support
VeChain has reached the all-time high at $9.6, after which it corrected down to $2.6, losing 73% to the USD. Price failed to break with confidence below 61.8% Fibonacci retracement levels at $3.8 and below the 3/1 Gann Fan trendline, although it produced spikes lower.
After reaching the low at $2.6, VeChain recovered reaching the $7.1, and managed to break above the 61.8% Fibonacci retracement level, suggesting the validity of the uptrend. But now, VEN/USD is trading at the key support area, and the daily close below $4.7 would confirm the support and the Gann Fann trendline breakout. In this case, the price is likely to move down once again towards either $3.8, $2.4 or $1.27 support levels.
However if VeChain will avoid daily close below $4.7, the price could continue moving higher and potentially hit the $10 psychological resistance level. In any case, the major trend is up, but the risk of further correction down remains.
After reaching the low at $2.6, VeChain recovered reaching the $7.1, and managed to break above the 61.8% Fibonacci retracement level, suggesting the validity of the uptrend. But now, VEN/USD is trading at the key support area, and the daily close below $4.7 would confirm the support and the Gann Fann trendline breakout. In this case, the price is likely to move down once again towards either $3.8, $2.4 or $1.27 support levels.
However if VeChain will avoid daily close below $4.7, the price could continue moving higher and potentially hit the $10 psychological resistance level. In any case, the major trend is up, but the risk of further correction down remains.
Nota
Daily close was below support, further decline becomes more likelyDagangan ditutup: sasaran tercapai
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.