- Velas price analysis is bullish today.
- Selling pressure for VLX/USD may arise at $0.554.
- Support for VLX/USD is present at $0.513.
The Velas price analysis shows that the coin is highly bullish today. The bullish momentum is so overwhelming that the coin breakout above the resistance of $0.511 today towards a new record high. VLX/USD pair is on an upwards trend from 13th November and has almost doubled its value during this time as it was trading at $0.348 on 13th November and today its trading upside of $0.5 gaining significant profits. According to technical calculations, the indications suggest the crypto pair may face selling pressure near $0.554. This time Velas does not seem to be following the Bitcoin footprint as most crypto pairs do.
VLS/USD 1-day price chart: Bullish momentum inflates to $0.525
The 1-day Velas price analysis shows that the crypto pair has covered a range upwards from $0.481 to $0.525, and there are chances for further up move. The VLX/USD has gained nearly 12.9 percent value over the last 24 hours and around 69 percent over the course of the last seven days. The trading volume has also improved by 23 percent over the past 24 hours, but this ratio may decrease as the trading activity is currently low.
The Velas is showing high volatility as the volatility indicator; the Bollinger bands are covering more area, the upper end is present at $0.554, which is the point where the coin may encounter selling pressure technically, and the lower limit of the volatility indicator is at the $0.221 mark which indicates the lowest support in the current scenario. The mean average of the Bollinger bands at the $0.38 mark represents support for the VLX.
The moving average (MA) trades at $0.425, and the relative strength index (RSI) is almost at the border of the oversold zone as it trades at index 69 on an upwards curve. The RSI curve indicates the buying activity in the market, taking the coin price up.
Velas price analysis: Recent developments and further technical indications
The 4-hour Velas price analysis shows the coin started moving higher during the last four hours of yesterday’s trading session, after consecutively being on a downward trend for 20 hours. And today, the bulls are continuing to push the price higher, as no bearish hindrance has been observed today yet.
The volatility for VLX on the 4-hour chart is high, and in contrast to the 1-day chart, the volatility continues to increase. The upper limit of the Bollinger bands has now reached $0.533, representing the next resistance level technically, and the mean average of the Bollinger bands at the $0.447 mark represents the support level for VLX/USD, in case it reverts back. The RSI on the hourly chart is also on an upwards slope, trading at index 64, indicating high buying for VLX.
The technical indicators for VLX are also strongly on the bullish side as the coin continues to revisit higher price areas. There are 16 technical indicators that suggest more buying options for Velas, and no technical indicators show selling signs. In contrast, 10 technical indicators remain neutral without giving any signals for buying or selling Velas.
Velas price analysis conclusion
The Velas price analysis concludes the crypto pair is highly bullish, but as the price is quite high at this time, it may not be a good entry point for buyers, as according to o technical indicators, the coin may soon start retracing again before moving any further high. However, the analysis suggests the coin has gained enough value in a very short period of time and has secured a place in the top 100 list.
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