XVS Technical Analysis: Buyers Still Have A Chance To Grow To $80
Analyzing the weekly chart of XVS cryptocurrency, we can see that the aggressiveness of price movements significantly fell after a strong fall wave in May. By organizing a local growth wave in July, buyers were able to raise the price by almost 200%. On the one hand, this is a good result for two trading months. However, comparing with the May fall, buyers failed to correct the previous wave by even 23.6%. This fact is considered a weakness and not very good news for investors.
In fact, the counterattack of buyers from July lasted 8 weeks. During the first 4 weeks, buyers gained new local highs. The next 4 weeks buyers spent in consolidation in an attempt to break the important $36-$39 range. History shows that after an unsuccessful attempt to fix above this range in late May, sellers continued the fall wave with a final target of $13.36.
Therefore, it is important for buyers to take control of this range to continue the XVS price growth with the first target of $77-$80. The main target of the 4-week consolidation of the XVS market under the $77-$80 range is to deplete sellers, clearing the way for growth. From the beginning of the new week, buyers began to break the range. But yesterday’s daily candle destroyed all the efforts of buyers.
Technical Analysis Of XVS On The Daily Timeframe
Interestingly, during the heroic growth attempt of buyers in July, sellers began actively before the price reached the critical range of $36-$39. In the daily timeframe, we see that the main problems for buyers arose near the mark of $29.88. Sellers at increased volumes could not take control of this mark from the first time on 26 July. And since 8 August, this mark has already served as the main support for buyers during the storming of the $36-$39 range.
During yesterday’s fall in the cryptocurrency market, which provoked the BTC price fall, XVS buyers managed to keep the key mark of $29.88. Despite the aggressive price fall by almost 30%, buyers still have a good chance of breaking $36-$39 and continuing the growth trend. Given the increase in volatility in the crypto market, the mark of $29.88 may be broken down during the buyers’ test for strength. The main thing is that buyers do not give the range of $28-$29.88.
The XVSBTC Chart Adds Hope For The Growth Trend Continuation
Analyzing the XVSBTC price movement on the daily timeframe after yesterday’s fall candle, the market situation has not changed significantly. So buyers will have to prove that they control the range of 0.00063-0.00066. Whether the XVSBTC price will fall by another 20% will depend on this check. Though, confirmation of buyers’ strength in this range will give buyers next week to try to break 0.00082 up. Therefore at the moment, it is not necessary to panic carrying out trading situations. A little expectation will give a clear picture of what to expect from the XVS market in the medium term.