VEN to VET - Does price follow suit?
Updated
With 
BTCUSD and its' likes gaining ground, the Crypto Market presents several opportunities for Capital gains. At Bitbloxx, we believe that projects with strong Fundamentals coupled with Technical strength is all that is required to beat the Benchmark. Without any doubt, BINANCE:VENUSD has all the right ingredients at the right time.
VeChain:
VeChain is the World’s leading Blockchain platform offering Blockchain-as-a-Service to enterprises for products and information by leveraging on Blockchain technology, VeChain strives to build a trust-free and distributed business ecosystem, which is self-circulating and scalable. Not to forget after smooth VeChain's mainnet launch, the project is currently going through switching phase from the Ethereum based Token to VeChainThor's native VET Token. This would probably keep the project in limelight for coming days.
Price Outlook:
BINANCE:VENUSD is trading in a 53 day long falling wedge formation, with apex just around the corner on 31st July 2018. We certainly believe that its about time the pair took off and broke out of its resistance, backed by the following observations:
1. Generally oversold oscillators and indicators
2. Long tails on daily bars with growing volumes indicate genuine buying Interest
3. Positive divergence in Price and RSI, as illustrated on the chart
4. Token swap and migration to Vechain's Blockchain
5. Masternode driven demand
Execution Plan:
Considering the ongoing price action, following is our proposed execution plan for the trade:
Buying Zone: We recommend accumulating the coin between ~$1.78 - $1.90. The identified range is below the falling wedge and 9 Days Moving average resistance at ~$1.99.
Stop Loss: A closing based stop below ~$1.66, as it nullifies our trade rationale
Technical Triggers: A day close above ~$2.05 changes the game as the price would have crossed over the 9 Days Moving average and the Falling wedge resistance. This is the point where we may see Bulls taking the wheel.
Price Projection: The targets are based on a mix of Horizontal resistances and Moving averages. Our Final target for this position lies at ~$2.90, offering over ~50% return. However, we advise caution and partial profit taking at ~$2.30 and ~$2.65.
Please feel free to leave comments and get in touch with us on Twitter: @Bitbloxx1
Happy Trading!
Team Bitbloxx
BTCUSD and its' likes gaining ground, the Crypto Market presents several opportunities for Capital gains. At Bitbloxx, we believe that projects with strong Fundamentals coupled with Technical strength is all that is required to beat the Benchmark. Without any doubt, BINANCE:VENUSD has all the right ingredients at the right time. VeChain:
VeChain is the World’s leading Blockchain platform offering Blockchain-as-a-Service to enterprises for products and information by leveraging on Blockchain technology, VeChain strives to build a trust-free and distributed business ecosystem, which is self-circulating and scalable. Not to forget after smooth VeChain's mainnet launch, the project is currently going through switching phase from the Ethereum based Token to VeChainThor's native VET Token. This would probably keep the project in limelight for coming days.
Price Outlook:
BINANCE:VENUSD is trading in a 53 day long falling wedge formation, with apex just around the corner on 31st July 2018. We certainly believe that its about time the pair took off and broke out of its resistance, backed by the following observations:
1. Generally oversold oscillators and indicators
2. Long tails on daily bars with growing volumes indicate genuine buying Interest
3. Positive divergence in Price and RSI, as illustrated on the chart
4. Token swap and migration to Vechain's Blockchain
5. Masternode driven demand
Execution Plan:
Considering the ongoing price action, following is our proposed execution plan for the trade:
Buying Zone: We recommend accumulating the coin between ~$1.78 - $1.90. The identified range is below the falling wedge and 9 Days Moving average resistance at ~$1.99.
Stop Loss: A closing based stop below ~$1.66, as it nullifies our trade rationale
Technical Triggers: A day close above ~$2.05 changes the game as the price would have crossed over the 9 Days Moving average and the Falling wedge resistance. This is the point where we may see Bulls taking the wheel.
Price Projection: The targets are based on a mix of Horizontal resistances and Moving averages. Our Final target for this position lies at ~$2.90, offering over ~50% return. However, we advise caution and partial profit taking at ~$2.30 and ~$2.65.
Please feel free to leave comments and get in touch with us on Twitter: @Bitbloxx1
Happy Trading!
Team Bitbloxx
Trade active
Trade is active and price action is in line with our expectations. Breakout from falling wedge and 9 days moving average will clear path towards $2.12 - $2.30. Please be advised that trading will remain suspended on major exchanges to facilitate the token swap. Following is the announcement made by Binance: Fellow Binancians,
To accommodate VEN's rebrand and ticker change to VET, we will carry out the mainnet swap in the following steps:
Deposits and withdrawals of VEN will be suspended starting from 2018/07/22 0:00 AM (UTC), at which point we will begin the mainnet swap.
Important: Please ensure that you leave sufficient time for your VEN deposits to be fully processed prior to this time.
Trading will be halted in all VEN trading pairs at 2018/07/23 4:00 AM (UTC). We will take an immediate snapshot of all VEN balances at the exact same time (2018/07/23 4:00 AM UTC), and begin the distribution of VET to all eligible users at a ratio of 1 VEN = 100 VET.
Trading will open for the new VET/BTC, VET/ETH, VET/BNB and VET/USDT trading pairs at 2018/07/25 4:00 AM (UTC). Deposits and withdrawals for VET will also be opened at this time.
Please note: Once trading opens in the new VET trading pairs, all prior VEN trading pairs will be delisted from the exchange.
For further information, please refer to the official announcement here: VeChain Financial Executive Report vol. 3
Thanks for your support!
Binance Team
2018/07/19
Trade active
VEN tokens have been replaced with the new VET tokens. Trade remains active.Note
tradingview.com/chart/wPjmdROO/ VET token on the go backed by air-drop facilitated by Binance.
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