Cryptocurrencies Drop on President’s Day, NEM and VeChain Biggest Losers

Cryptocurrencies Drop on President’s Day, NEM and VeChain Biggest Losers

It’s the Presidents Day holiday here in the US and the financial markets are closed. With that, all cryptocurrencies in top 20 saw pullbacks at the start of Monday’s Asian trading session. The biggest losers in top 20 were NEM and VeChain, both down above 10% at the time of writing.

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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 the blockchain.

VeChain has snapped partnerships with key players such as Microsoft, PwC Renault, 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 ranking 17, trailing behind IOTA, Dash, NEM, Monero, Lisk, Ethereum Classic, and TRON in top 20.

VeChain will be rebranding on  26th of February, 2018.

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