Venus is a decentralized open-source protocol for both borrowers and lenders dealing in stablecoins. It is built on the Binance smart chain to facilitate faster, safer, and cost-effective cryptocurrency transactions. It gives access to money markets across borders. XVS is the native token of this blockchain network and the technical analysis is as follows:
On April 23, 2021, XVS started trading at $72.68. On April 29, 2021, XVS closed at $116. Thus, in the past week, the XVS price has soared by approximately 60%. In the last 24 hours, XVS has traded between $108.41-$123.88.
Day-Ahead and Tomorrow
Currently, XVS is trading at $119. The price has increased from the day’s opening price of $116. Thus, the market seems to be upwards.
The MACD and signal lines are positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Hence, the overall market momentum is bullish. Thus, we can expect the price to go up further.
Currently, the RSI indicator is at 80% – deep into the ‘overbought’ region. Hence, buying pressures are extremely high. Thus, like the MACD indicator, the RSI indicator also is pointing to a price rise.
The OBV indicator is steadily rising. Hence, buying volumes are gradually overtaking the selling volumes. In other words, the OBV indicator is giving further credence to the price rise indicated by the MACD and RSI oscillators.
XVS Technical Analysis
Presently, the price is above the Fibonacci pivot point of $116.10. As all the oscillators have given bullish signals, we can expect the price to break out of the first Fibonacci pivot resistance level of $122, in some time.
The price has tested and fallen below the 23.6% FIB retracement level of $120.23. This price pullback is a part of the price correction process occurring in the XVS market. We can expect the price to retest and break out of this level in some time. Overall, the bulls seem strong and hence we can expect the price uptrend to continue today and tomorrow.