The VLX coin price shows a dramatic bullish recovery in the last 24 hours, with a price jump of 20% to undermine the selling pressure. Velas claims to be the fastest EVM blockchain in the world with a transaction speed of 75,000 transactions per second. The processes are instantaneous with a top-notch level of security, at a very low cost. Let us move ahead to read about the Velas technical analysis. Past Performance of VLX The VLX coin price rose 20% within the last 24 hours. The coin price overcomes the selling pressure faced near the neckline of the rounding bottom pattern at $0.50. Moreover, the price action hints at a formation of a bullish engulfing candlestick to undermine the 16% downfall candle. Therefore, the price shows increased chances of a bullish breakout of the pattern. VLX/USD Daily Chart VLX Technical Analysis VLX coin price completes the rounding bottom pattern in the daily chart and teases a bullish breakout. However, if the price fails to sustain above the $0.46, a possible bearish inside candlestick. The RSI indicator at 65% shows a sharp rise in slope after finding support near the 14-day SMA in the daily chart. The slope maintains a trend to reach the overbought zone and indicates rising underlying bullishness. The MACD indicator shows a shaky MACD line due to the recent turnovers, but the signal line maintains an ongoing uptrend. Moreover, the rising trend of histograms forecasts a rise in bullishness. Therefore, the technical indicators project a solid growth in buying pressure despite the bloodbath in the crypto market. That is why the chances of a bullish pattern breakout resurfacing. Upcoming Trend The VLX coin price shows a dramatic bullish recovery in the past 24 hours after the bearish engulfing candle formation. Moreover, the price is eager to break above $0.50 and create a new all-time high. Therefore, a buying opportunity will generate at the breakout, and the next selling pressure can be met near $0.65 and $0.75.
The post VLX Technical Analysis: Dramatic Bullish Recovery After 15% Fall appeared first on Cryptoknowmics-Crypto News and Media Platform.
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