Recovering briefly from a four-day dip, VVV charted small gains yesterday but is now losing momentum due to the current market loss. A continuous drop could bring more corrections until it finds support.
This month has been a challenging period for VVV, as it has continued to show signs of weakness on the daily chart. Though the ongoing weakness looks like a corrective phase of the previous monthly bullish move that rallied the price to a two-month high of $5.34.
Looking at the price from where it started to correct lower, the crypto has provided some discount, but still shows no sign of stopping yet at the time of writing, due to the latest drops across the market.
Yesterday saw the asset through a slight recovery as the market painted green scenarios, but it appears to be losing grip again on the day. A drop below yesterday’s low would confirm more corrections in the coming days, in the form of a lower low and lower high pattern on the daily.
This pattern could bring us back to the recent bottom before picking up again. A crash at this bottom should give the bears more control in the mid-term. However, if VVV finds support nearby, possibly above the $2 level, we may see a strong buyback capable of bringing the bulls back on track. As of now, there’s still hope for a rebound.
VVV’s Key Levels To Watch
If VVV reclaims yesterday’s $3.3 low, the lower levels to consider for support would be $2.8 and $2.38, while the $1.8 level stands as crucial support for a major collapse.
Increasing from the current trading level, the primary obstacles for buying are $4.13 and $5.34. If the price scales through it, the next target level to watch on the way up would be $6.84 and $8.95 in the near term.
Key Resistance Levels: $4.13, $5.34, $6.84
Key Support Levels: $2.8, $2.38, $1.8
- Spot Price: $3.34
- Trend: Bearish
- 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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