Attempting to resume bullish amid this week’s rally in altcoins, VVV encountered resistance again and took a little downturn following the latest loss. Having suspended bullish, it currently appears weak daily.
The month of April was quite eventful for Venice’s VVV as it recovered nicely from a two-month bearish phase with a closing gain of 150% in the space of two weeks. That brought a notable relief in the bleeding and the market sentiment quickly turned bullish.
Unfortunately, it lost momentum after failing to push above the $5.34 level in the first day of this month. Recovering briefly from the $3.46 support level this week, it faced another rejection and remained calmly above the key $4 level throughout yesterday.
Following a 7% loss today, VVV lost this key level and now looks weak on the daily chart. A drop below the mentioned weekly support could trigger more reductions until it finds a solid support level for a rebound.
Despite that, there’s still hope for the bulls. If they manage to intercept the ongoing drop above this week’s support, we can anticipate a rebound with a new bullish signal in the form of an inverse head-and-shoulders pattern. If that comes into play, a huge bullish rally should be expected.
VVV’s Key Levels To Watch
Source: Tradingview
As VVV takes a downturn today, the potential support level to watch is $3.46. A breakdown there could bring us back to the $2.38 support that flipped as resistance during April’s recovery. The main support level to keep in mind is $1.8 in case of more drawdowns.
If the buying volume increases, we can expect a climb back to the $5.34 resistance level. A break through it could propel more surge to the $6.84 and $8.95 resistance level before rallying hard.
Key Resistance Levels: $5.34, $6.84, $8.95
Key Support Levels: $3.46, $2.38, $1.8
- Spot Price: $3.92
- Trend: Bullish
- 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-may-12-vvvs-volume-drops-suspends-bullish-following-minor-rejection/