Following the previous idea on VeriCoin, it has reached the upside target and rejected it. Now clearly there is a strong resistance at $0.65, which is the 127.2% Fibonacci applied to the last corrective wave down. The rejection was clean followed by a strong correctional move down.
Currently, VeriCoin is likely to continue trading within the range between the $0.65 resistance and $0.40 support. At the same time, with the fact of the resistance being rejected there is more probability of further decline, unless the resistance will be broken.