It’s President's Day here in the US and the financial markets are closed. With that, all cryptocurrencies in the top 20 saw pullbacks at the start of Monday’s Asian trading session. The biggest losers in from among the top 20 were NEM and VeChain, both down above 10% at the time of writing.
VeChain Technical Analysis
VeChain’s coin, VEN, appears to have found resistance at $6 in its new uptrend towards the all-time high-level of $9.45.
VEN/BTC is also retracing back from the all-time highs, currently testing the upper band of the daily Ichimoku cloud. It is supported at the 38% Fibonacci retracement level of 0.00048.
The future cloud appears to be flat but slightly bullish. The Tenkan line is heading down towards the Kijun line in the Ichimoku Kinko Hyo's 9-26-52 setup on the daily chart. Pivot level is at 23% Fibonacci level of 0.00058.
With this, we could see an extended period of consolidation before VEN/BTC finds its new direction.
What is VeChain?
VeChain is a blockchain platform that offers supply chain management services. It aims to build a distributed business ecosystem, which is self-circulating and scalable. It focuses on a variety of different solutions for different markets including liquor, luxury goods, retail, agriculture, and logistics.
VeChain will enable direct payment within the ecosystem through decentralized payment channels. It will also find solutions to problems in these industries using blockchain.
VeChain has snapped up partnerships with key players such as Microsoft (NASDAQ:MSFT), PwC, Renault (PA:RENA), and China Unicorn among others.
During the past week’s cryptocurrency market meltdowns, VEN was actually among the few that saw more gains than others. Its market cap is currently ranked 17, trailing behind IOTA, Dash, NEM, Monero, Lisk, Ethereum Classic, and TRON in top 20.
VeChain will be rebranding on 26th of February, 2018.
This article was originally published here.