Providing a roughly 50% discount in five weeks, VVV appeared back in an upward range after reaching a threshold. The price looks strong daily and is currently on the cusp of breaking out of a crucial resistance line.
After recovering significantly from the first quarter crash in April, VVV faced resistance and lost traction throughout last month. This action led to a major reduction, and the market entered a serious correction phase.
It advanced correction this month, but fortunately for the bulls, the $2.6 level acted as support last Friday, and the price recovered briefly over the weekend. This recovery has brought positive actions back in the market, and as we can see on the daily chart, the bulls are back in the market.
The descending trendline, serving as dynamic resistance during the correction phase, is being slightly bridged. A successful break above this crucial trendline should validate a new bullish wave from a short-term perspective, with a potential retest before rallying hard daily.
Rejecting this trendline could trigger a slight drop before advancing buy. However, if the rejection leads to another downturn, the price may roll back to the bottom before deciding which direction to head next.
But looking at the latest surge in volatility, VVV’s correction appeared to have finished from a technical standpoint. Bigger surges are expected!
VVV’s Key Levels To Watch
The immediate resistance level for a breakout is $4.13, along with $5.34 – marked as May’s resistance. Higher resistance levels to watch for a test are $6.84 and $8.95.
A rejection could bring a retest at the flipped $3.15 resistance as support before rising back. Aside from the holding $2.6 support, there’s also support at $1.8 in case of more corrections.
Key Resistance Levels: $4.13, $5.34, $6.84
Key Support Levels: $3.15, $2.6, $1.8
- Spot Price: $3.4
- 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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