Home
News
- 1 The VVS crypto is set for a dismal plunge, as it fails to break the resistance trendline.
- 2 On looking at the indicators, the VVS price is below major EMA’s, RSI and MACD are negative.
VVS Finance (VVS) is an automated market maker (AMM) DEX. It expresses that it is one of the leading AMM on the Cronos blockchain. It was executed on Cronos at the end of the year 2021. The VVS means “very-very-simple,” so the objective is to maintain and carry cryptocurrency and blockchain technology to the mainnet and make DeFi comprehensible and understandable.
Basically, VVS Finance functions on top of the Cronos blockchain for quicker and safer transactions with relatively low costs compared to other cryptos in the horde that came in the last decade.
Furthermore, Cronos is EVM-compatible, which drives an EVM-like code implementation environment for creative and strong developers and supports the primal growth of the ecosystem.
Moreover, VVS Finance utilized an automated market maker model, implying that there are no order books or middlemen, but there are liquidity pools, which makes transactions between assets on the DEX very easier.
VVS Finance (VVS) deployed on the Cronos Chain was created by the Crypto.com exchange. The VVS token is made in line with the ERC-20 compatibility standard.
Does Bearishness Look Imminent In the Daily Chart, Let’s Explore
At the start of the year 2023, the price surged from $0.000003000 and reached wonderfully around $0.000004500. At the same level, it tried to sustain in the hopes of surpassing the level, but could not do so, as the resistance was much weighted.
Therefore, the VVS crypto demonstrated a steady decline as the price sank from a vital level of around $0.000004500 on the charts. As per the price action, it created a falling wedge pattern and reached rock bottom around $0.000002000.
From this low, the falling wedge gave a breakout around October 2023 and the price surged, wonderfully and reached the major supply zone at $0.000004500 in one go. But, this level was hard to maintain and the price slipped back downward. since then the price has maintained itself near the most dominating trendline resistance.
However, the recent price action from January 1st, 2024, shows that the price failed to surpass and sustain the trendline resistance and plunged.
Now it seems like, the VVS crypto is set for a dismal plunge, as it fails to break the resistance trendline and possibly going to sink to new lows as the current price movement seems like a pullback of the continuation of the downtrend.
Therefore, it could slip and reach $0.000003000, if it fails to maintain the immediate level.
On the other side, it can be said that, if the price surges again, it could surpass the dominating trendline resistance and reach $0.000004000 as well.
On looking at the indicators, it can be said that the price is below major EMA’s, RSI and MACD are negative as well. This signifies the clarity in the prediction of the upcoming trend, which seems to be a downtrend.
Summary
As per the recent price action, the VVS price has failed to surpass and sustain the trendline resistance and it plunged. Now it seems like, the VVS crypto is geared for a drastic fall, as it fails to break the resistance trendline and possibly going to drop down to new lows as the current price movement seems like a pullback of the continuation of the downtrend.
Technical Levels
Support Levels: $0.000003000
Resistance Levels: $0.000004000
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
