The cryptocurrency market rebounded over the past week, after the previous correction which took place due to Bitcoin’s drop below $50,000. Notably, VeChain (VET) returned to levels above $0.20, which it is now holding as support. The last daily close on the printed bullish candle was the highest in the past ten days, and now VeChain is looking to break the resistance at $0.225, in its attempt to return to the previous high at $0.28, having undergone a period of consolidation over the past two weeks.
Tron (TRX) rose in price after its previous drop to levels below $0.10, which acted as a support at the Fibonacci golden ratio from the previous rise, as 3 red candles on the daily chart failed to close below this level. It is currently trading in the $0.12-$0.14 range and is looking to break the $0.14 resistance before revisiting its recent highs at just over $0.18. The outlook is bullish for Tron, which is currently operating at price levels not seen since January 2018.
Zcash (ZEC) is also on the rise, reaching the $260 level after falling to the $167 support level due to the previous dip. In similar fashion to Tron, the Zcash daily candles were rejected above the Fibonacci golden ratio at $190, failing to close below this level. This was the point at which the ascendancy in price began, as Zcash printed large green candles on the daily chart. Its next tests are the resistance at $260 and the last high it reached in April, at $300.
(Note: The above thought piece covers the wider VA industry, and may not be an activity that Arabian Bourse Limited (ABX) is looking to be licensed to undertake.
ABX has received in-principal approval from Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM) and is currently in the process of obtaining an FSP. ABX aims to be the first of its kind fully regulated, virtual asset MTF and custodian in the region focused on institutional and retail investors.)