The VVS Finance price is up by 4 per cent in today’s trading session, wiping out yesterday’s losses and is on the verge of setting a new weekly price high. Like almost all other cryptocurrencies, VVS Finance has found its footing in July and is already up 22 per cent for the month.
Part of the reason for this is due to the current strong bullish trend that started mid-month, which has seen the cryptocurrency industry’s market capitalization crack past the $1 trillion price level again after weeks of falling below the level. The bullish move has also seen major cryptocurrencies such as Bitcoin and Ethereum also trend upwards.
Normally, when major cryptos go up, altcoins such as VVS Finance, which are positively correlated to these coins, also follow the trend. Therefore, it is no surprise that we are seeing an increased bullish campaign on VVS finance charts.
Looking at the chart below, there are a few things that become clear immediately. First, since VVS Finance set a new price low of $0.0000050 on June 19, the trend has been aggressively bullish, which has resulted in 38 per cent gains in the markets.
Secondly, the markets have peaked again, in the past few days, and with today’s price rising by 4 per cent, it is likely that we will be in the current bullish trend for some time. Combining the above observation with total trading volume, we can also see an upward movement. For instance, in the past 24 hours, the trading volume has gone up by 10 per cent, a theme that has been repeated many times in the past few trading sessions.
Therefore, combining all these factors, I expect the VVS Finance price to continue going up for the next few trading sessions. There is a high likelihood that we will see prices trading above the $0.0000086 resistance level. However, should the price fall below the $0.00000060 price level, then there is a likelihood of another move to the downside. It will also mean my trade analysis has been invalidated.
This post was last modified on %s = human-readable time difference 16:32