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VLX coin price gains bullish momentum with the breakout of the $0.50 mark. Can it reach the $1 mark by the end of 2021?
Velas, an AI-powered Delegated Proof-of-Stake (AIDPOS), blockchain, open-source platform, and large-scale ecosystem of decentralized products, is called Velas. AI technology is at the core of our Ecosystem. It optimizes blockchain performance and assists other products in their function.
Let us now learn about the technical analysis of Velas.
Past Performance of VLX
With an extraordinary bullish growth of more than 200 percent within the last month still in action, the bulls drive the VLX coin prices higher to new heights. The recent breakout of the $0.50 previous swing high marks the start of another price jump.
Furthermore, the rise in trading volume of 25 percent supports the 10 percent rise of VLX coin price in the last 24 hours. Thus, traders can expect the prices to reach the $1 mark in the next few weeks.
VLX/USD Daily Chart
VLX Technical Analysis
As per the price action analysis, the breakout of the $0.50 mark with the rise in trading volume offers an excellent entry opportunity. However, safe traders should also take a look into the technical indicators mentioned below.
As per the pivot points, the following resistance levels for the VLX coin price is at the $0.69 and $0.85 mark. And, the equally important support levels are at the $0.35 and $0.20 mark.
The RSI slope approaches the overbought zone boundary as it moves at 69 percent. However, the RSI indicator gives a hidden divergence in the price action. Thus, a reversal can be seen if the prices fail to sustain above the $0.50 mark.
The DMI indicator shows that the positive DMI is greater than the negative DMI, indicating that an uptrend is still active. The ADX at 52 percent suggests a gradual and sharp rise in the uptrend.
The MACD indicator gives a buy signal as MACD and Seller’s line rise higher in the positive segment in a bullish alignment. Moreover, the intensity of the bullish histograms is increasing steadily.
In a nutshell, the technical indicators forecast bullish growth for the VLX coin price if it sustains above the $0.50 mark.
Upcoming Trend
The price action and the technical indicators align to a bullish sign for the Velas, VLX crypto. Hence, traders can find bullish entry spots at current market prices with tight stop loss below the previous daily red candle near $0.43.
Traders can expect the bull run to hit the $1 mark in the next few weeks, but a short-term target can be achieved at $0.69 or $0.85.