On the 30th of March, VeChain found the bottom at $2.1, where it rejected the 78.6% Fibonacci support level. Price went up and broke the descending channel, reaching the $5.6 high.
The correction down followed and it seems that VEN/USD found the support at $3.28, that is the level where the descending channel has been broken. Then, on the 3rd of June VeChain broke above the downtrend trendline and the 200 Moving Average, suggesting the continuation of the uptrend.
The strong resistance is abased at $7.4 area and could be reached in a relatively short period of time. But it would be reasonable to watch the $2.1 support level, as break and close below would invalidate bullish outlook and could send price down to $2.2 support.
The correction down followed and it seems that VEN/USD found the support at $3.28, that is the level where the descending channel has been broken. Then, on the 3rd of June VeChain broke above the downtrend trendline and the 200 Moving Average, suggesting the continuation of the uptrend.
The strong resistance is abased at $7.4 area and could be reached in a relatively short period of time. But it would be reasonable to watch the $2.1 support level, as break and close below would invalidate bullish outlook and could send price down to $2.2 support.
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