Resuming selling actions after recovering slightly from a month’s low last weekend, VVV charted a huge loss in the past 30 days and is now preparing to break lower on the daily chart.
After the April bounce that led to a significant recovery, VVV halted buying pressure after reaching a high of $5.34 and later took a downturn.
This led to a broad retracement phase last month, and the market closed bearishly following a lower low and lower high pattern. Although the $2.7 level held firmly and the bleeding stopped due to a slight recovery.
That brought a slight relief in drawdown, and the price increased above $3. Following the bearish pattern, it encountered resistance at $3.15 this week and now appears ready for another leg down on the daily chart. A break below the previous monthly low could fuel more downtrends.
Looking ahead, the key level to watch for such a drop lies at $2. A major rebound above this level should trigger a fresh buy capable of bringing positive sentiments back into the market. As of now, it is currently under the bear’s radar. Losing April’s low in the process might cause a major crash to a new low.
VVV Key Levels To Watch
Source: Tradingview
The latest drop is targeted at the $ 2.38 support. If this support fails to produce a bounce, the next key support to keep in mind is $1.8 – April’s low. Breaking lower could crash the price straight to $1.
If by chance the bulls find their way back, with a push above the recent $3.15 resistance, higher levels to watch for a test are $4.13 and $5.34, with a potential breakout. Currently, the bears are still in control.
Key Resistance Levels: $3.15, $4.13, $5.34
Key Support Levels: $2.38, $1.8, $1
- Spot Price: $2.9
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/venice-token-price-analysis-prediction-june-6-vvv-advances-bearish-after-a-short-relief-targets-2/