Attempting to Resume Bullish Amid This Week's Rally in Altcoins, VVV Encountered Resistance Again and Took a Little Downturn

The month of April was quite eventful for Venice's VVV as it recovered nicely from a two-month bearish phase with a closing gain of 150%

This article provides a technical analysis of VVV’s price action in the recent past, highlighting key levels to watch and potential market structures that could unfold.

Recently, VVV encountered resistance again and took a little downturn despite attempts to resume bullish amid this week’s rally in altcoins.

This week, VVV is now calmly remaining above the key $4 level after recovering briefly from the $3.46 support level.

VVV Could Still Form A Huge Inverse Head-And-Shoulders

The month of April was quite eventful for Venice’s VVV as it recovered nicely from a two-month bearish phase with a closing gain of 150% in the space of two weeks. That brought a notable relief in the bleeding and the market sentiment quickly turned bullish.

However, it lost momentum after failing to push above the $5.34 level in the first day of this month.

After recovering briefly from the $3.46 support level this week, it faced another rejection and remained calmly above the key $4 level throughout yesterday.

Following a 7% loss today, VVV lost this key level and now looks weak on the daily chart. A drop below the mentioned weekly support could trigger more reductions until it finds a solid support level for a rebound.

Despite that, there’s still hope for the bulls. If they manage to intercept the ongoing drop above this week’s support, we can anticipate a rebound with a new bullish signal in the form of an inverse head-and-shoulder pattern. If that comes into play, a huge bullish rally should be expected.

VVV’s Key Levels To Watch

As VVV takes a downturn today, the potential support level to watch is $3.46. A breakdown there could bring us back to the $2.38 support that flipped as resistance during April’s recovery. The main support level to keep in mind is $1.8 in case of more drawdowns.

If the buying volume increases, we can expect a climb back to the $5.34 resistance level. A break through it could propel more surge to the $6.84 and $8.95 resistance level before rallying hard.

Key Resistance Levels: $5.34, $6.84, $8.95

Key Support Levels: $3.46, $2.38, $1.8

This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

The post VVV Remains Weak Daily After Latest Loss As Bulls Take A Setback Again appeared first on NullTX.