VLX TOKEN | Velas Technical Analysis | STRUGGLE FOR $1 MARK!
Welcome Back to Cryptoknowmics!!
We are here yet again to enlighten you with predictions from the Crypto community!!
And today we present to you a technical analysis video on the VLX Token!
Velas is an AI-powered Delegated Proof-of-Stake (AIDPOS) blockchain, open-source platform, and wide-scale ecosystem of decentralized products.
The live VLX price today is $0.516556 with a 24-hour trading volume of $27,578,950. Velas is up 12.13% in the last 24 hours, with a live market cap of $1,097,362,213.
The recent breakout of the $0.50 previous swing high marks the start of another price jump. Furthermore, the rise in trading volume of 25% supports the 10% rise of VLX coin price in the last 24 hours.
Let’s have a deepened insight into the technical analysis of VLX Token and see what the indicators have to say.
The upcoming resistance level for the VLX coin price is at the $0.69 and $0.85 mark according to the Pivot Points. And, the equally important support levels are at the $0.35 and $0.20 mark.
As per the price action analysis, the breakout of the $0.50 mark with the rise in trading volume offers an excellent entry opportunity. However, safe traders should also take a look into the technical indicators mentioned below.
The RSI is at the 69% mark. The slope is approaching the overbought zone as it moves further gradually. However, it is pointing towards a hidden divergence in the price action. A reversal can be expected if the prices fail to sustain above the $0.50 mark.
The positive DMI is greater than the negative DMI, this means that the uptrend in the market is still active. The ADX currently is at 52%, which in turn suggests a gradual but sharp rise in the uptrend.
We can see the MACD and the Seller line rising higher in the positive segment in a bullish trend increasing the intensity of the bullish histograms. The indicator is highlighting a buying signal in the market.
In a nutshell, the technical indicators forecast bullish growth for the VLX coin price if it sustains above the $0.50 mark.
The price action and the technical indicators align to a bullish sign for the Velas, VLX crypto. Hence, traders can find bullish entry spots at current market prices with tight stop loss below the previous daily red candle near $0.43.
Traders can expect the bull run to hit the $1 mark in the next few weeks, but a short-term target can be achieved at $0.69 or $0.85.
Hope this video was helpful, and you got what you were looking for!!
For more such videos subscribe to Cryptoknowmics!!