The bullish rally for VTHO began at the starting of 2023 when price started to rise from the low of $0.0009 level. The move had enough bullish momentum to push the price above $0.0023 level. The move led to formation of an annual high at $0.002329 level. VTHO price received strong rejection from the $0.002329 level and the candle of 16 February closed below $0.002 level.
After the move, VTHO price began correcting the move and fell to $0.00123 for forming support. The cryptocurrency price regained bullish momentum for retesting the annual high but price received rejection from $0.00184 level. Since then VTHO price has been in a down trend.
Recently, VeThor price formed support at $0.0012 and retraced toward $0.0013 level. Price then gained bearish momentum and shattered the support level of $0.0012 level. The breakout led to downfall of price and price is currently hovering near the $0.0011 level.
If price breaks below $0.0011, there is high probability for the price to reach $0.00104 level, which is the next immediate support. For price to regain bullish momentum it needs to rise above $0.00166 level.
If VTHO price can shatter the support level of $0.001040 level, there is high probability that it might head toward the yearly lows of $0.00896. Bulls need to jump in the market to protect price from further downfall. If price is able to form support at $0.0011 level, then there is a possibility of retesting the previous zone before moving further down.
Will VTHO Price Reach Yearly Lows?
VTHO price trades below 20,50,100 and 200-day EMAs indicating bearish momentum in the price. Chaikin money flow score is -0.16 suggesting weakness in the market. Since the start of June, CMF has been below the 0 mark. RSI has entered into the oversold zone and is currently at 27.35 indicating a chance of short term pullback and retracement.
VTHO price has started to reject the $0.0011 level increasing probability of support formation. The bands of bollinger have also expanded indicating high volatility in the market. VTHO price has crossed the lower band and is residing below it suggesting a possibility of pullback.
Conclusion
The market structure and price action for VTHO is bearish. VTHO price is hovering near $0.0011 level. If bears are able to push price below $0.0011 level, it might head down toward the yearly lows and lose all of its gains it made in 2023.
The technical parameters are indicating a chance of short term pullback but the bearish momentum is high and for this to be true price needs to form a support.
Technical levels
Major support: $0.0011 and $0.001040
Major resistance: $0.0012 and $0.0013
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/06/06/vtho-price-prediction-vtho-price-hovers-near-0-0011-level/