🪐XVS- resistance ahead, MFI bullish divergence at supportOn October 27th key level was lost. On November 9th buyers pushed the price above key level again, but didn't manage to hold this area. The price then found support at dynamic support (purple). There's a lot resistance ahead: key level (26.93), 200EMA, dynamic resistance (yellow dashed) and local resistance (31.98). However, the price is soon gonna get squeezed between two dynamic levels, and will be forced to make a move one way, so we can expect a potential breakout attempt. MFI shows bullish divergence (1D)
Possible entries from current price down to 22.62
Targets:
26.93
31.98
35.84
43.32
48.47
57.17
65.83
95.17
137.45
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About XVS:
Venus is an algorithmic money market and synthetic stablecoin protocol launched exclusively on Binance Smart Chain (BSC). The protocol introduces a simple-to-use crypto asset lending and borrowing solution to the decentralized finance (DeFi) ecosystem, enabling users to directly borrow against collateral at high speed while losing less to transaction fees. In addition, Venus allows users to mint VAI stablecoins on-demand within seconds by posting at least 200% collateral to the Venus smart contract.
VAI tokens are synthetic BEP-20 token assets that are pegged to the value of one U.S. dollar (USD), whereas XVS tokens are also BEP-20-based, but are instead used for governance of the Venus protocol, and can be used to vote on adjustments—including adding new collateral types, changing parameters and organizing product improvements.
The governance of the protocol is entirely controlled by XVS community members, since the Venus founders, team members and other advisors do have any XVS token allocations.
Source: coinmarketcap
