The VVS crypto suffered rejection from the upper consolidation range in the last couple of sessions, signifying the intention to maintain the consolidation range.
The buyers attempted a breakout on Tuesday as the price broke out of the consolidation range. However, they could not sustain outside the range and suffered rejection from the upper levels.
Looking precisely at the daily charts, it is observed that the price has tested the higher range multiple times, indicating the weakening of the upper boundary of the consolidation.
If the crypto holds near the upper consolidation range and rises again, it may trigger a short covering among the sellers, and the price may break out of the correction phase.
However, if the sellers provide enough liquidity to drag the price near the lower boundary of the consolidation, it may invalidate the chances of a breakout. The crypto may continue to consolidate or experience a breakdown if it receives more selling volumes.
VVS Finance Trend Analysis
Moreover, the broader term outlook stays neutral and bullish as the price exceeds the 200-day EMA. The crypto has maintained a positive outlook and has headed higher since October 2023.
Currently, the price hovers at a crucial zone from where it may resume its ongoing bullish trend if it breaks on the higher side. Otherwise, it may reverse its course if it fails on the lower side.
VVS Finance Technical Analysis
The technical indicators imply a sideways to bullish outlook after the combined analysis. The trend outlook is sideways if analyzed from EMAs’ perspective as the price shows frequent crossover.
At the time of writing, the RSI line was near 52.95 points, whereas the 14-day SMA line was at 51.79 points. Both the lines were placed above the mean line, indicating a bullish outlook.
VVS Finance Price Prediction for February 2024
The short-term outlook is sideways until the VVS price is maintained in the range. The $0.0000028 and $0.0000035 levels are acting as the consolidation’s lower and upper boundary.
Fresh upside moves may be noted on the charts if the crypto breaks and sustains above the higher boundary of the consolidation. Any breakout to the upside may unlock the price potential to the $0.0000041 and $0.0000045 levels.
VVS Finance Price Prediction for 2024
The price prediction for 2024 shows that the VVS token may advance to a high of $0.0000054 by the end of 2024. The less optimistic analysts estimate a price target of $0.0000044 by the end of the year.
VVS Finance Price Prediction for 2025
Over the next two years, The VVS price may hit the $0.80 mark, suggesting an upside potential of 146.14% by 2025. The pessimistic view is that the price could reach $0.00000574 by the end of the financial year 2025.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
Source: https://www.thecoinrepublic.com/2024/02/17/vvs-finance-crypto-extends-consolidation-breakout-or-breakdown/