Recently had a name change from VeChain (VEN) to VeChain Thor (VET), this is one of the most famous cryptocurrencies out there. With a very strong project, it is in the top 20 cryptocurrency by market cap. Let's open up the charts, and see how we can trade VeChain.
Analysis:
- This chart looks quite different to most of the other charts we've been looking at lately. You can see a very strong drop on the first portion of the chart. This is the 14th August low that we keep seeing, this is when the altcoins market first created a low point. Market wise, we had another strong drop which hit by 12th September, this is not reflected in the VET chart above. The 12th September drop here is much smaller, this is because all of the weak hands (sellers) were removed on the strong drop before. - We have strong bullish divergence on the 4h chart, with a reversal candlestick and above average volume. All this can lead to a break up soon.
Upcoming events
- VeChain (VET) 31 December 2018 (or earlier) System for BYD Vehicles: VeChain has developed a system which will be implemented in over 500.000 BYD vehicles before the end of 2018.