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VEGA Protocol: Bears Have Got a Grip at the Resistance Level

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VEGA Protocol: Bears Have Got a Grip at the Resistance Level
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In the heart of Web3, where innovation blooms and decentralization reigns, a platform rewrites the rules of the financial game.

Vega Protocol is a platform where people can trade financial stuff without anyone controlling them, this is also known as decentralized finance. It’s a transparent and flexible platform for trading derivatives.

Derivatives are financial instruments that can act as shields against market downdrafts and provide valuable insights into market sentiments, helping investors make calculated gambits.

Not the First Mover but a Fast Mover 

Vega is not the first protocol to do this. Pioneers like Synthetix, dYdX, and Hegic have already done the same, their platforms are empowering crypto enthusiasts with tools to manage risk and create innovative income funnels.

Vega, though, seeks to rise even higher. It builds upon these foundations, not to replace, but to elevate. Imagine a world where permission barriers crumble, where anyone can freely engage in the intricate waltz of derivatives trading. This is the vision of Vega. It aims to be a truly decentralized marketplace – where customization and freedom meet.

Vega also aims to provide speed, affordability, and liquidity waltz hand-in-hand within Vega’s meticulously designed architecture. Built upon a custom-crafted proof-of-stake blockchain, its network hums with efficient grace, ensuring that transactions flit across the platform like whispers on the wind, leaving behind only the faintest echo of cost.

Vega Protocol is not simply a platform for derivatives; it is a platform for freedom, a playground where traders can gain full control without a centralized authority, where their strategies will rise upon the canvas of the market. It is a glimpse into a Web3 future where every investor holds the reins, their decisions guided by opportunity and the freedom of decentralization. 

Technical Analysis and Prediction of the VEGA Coin Price 

VEGA/USDT chart by TradingView (Daily time frame)

At press time, VEGA coin was trading at the level of $1.37. The coin was trading within a consolidation zone that ranged from $1.136 to $1.467.

However, the bullish investors tried to break the resistance level of $1.46 but got rejected twice in the span of just 1 week. Following a surge from the low $0.577 level. In case the bears break the support level of $1.13, the price may drop towards the $0.762 level.

On the other hand, if the resistance level of $1.46 is broken and closed above, the price may fill the upper wick of the July 27 candle. Additionally, the indicators are also indicating a sideways trend.

Conclusion 

VEGA protocol aims to be the pioneer of trading derivatives in the world of finance. The current trend in the VEGA coin is sideways but the bullish investors have tried to get above the current resistance level. The bears are in control and the trend will reverse only if the bulls break past the resistance level.

Technical Levels

  • Support Levels: $1.13 and $0.761
  • Resistance Levels: $1.46 and $1.74
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 in stocks, cryptos or related indexes comes with a risk of financial loss.

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