TradeCityPro | XVS: Tracking Its Trajectory in the DeFi Space👋 Welcome to TradeCity Pro!
In this analysis, I want to review the XVS coin, which you requested in the comments. This project is one of the DeFi projects with a market cap of $72 million, ranking 346th on CoinMarketCap.
📅 Weekly Timeframe
In the weekly timeframe, as you can observe, the price started a downtrend after reaching a peak in 2021, and this trend is still ongoing.
✨ Currently, there is a consolidation box from 3.34 to 17.61, and the price has been fluctuating between these two areas for almost three years.
✔️ In the previous weekly candle, the support at 5.45 was broken, and now the price is moving towards the support at 3.34. This support is very crucial, and its breach could trigger another sharp drop.
🔽 There is also a descending trend line that the price has touched twice, and after being rejected by this trend, a significant amount of selling volume entered the market and induced a momentum that led to the breach of the 3.34 support.
📈 For XVS to turn bullish, the only trigger we have for now is the break of the trend line and the activation of its trigger. The trend line trigger is currently at 9.09. However, if the price creates a new structure, we might confirm a bullish turn sooner.
🛒 For buying in spot, the first trigger is the break of 9.09, which is considered a risky trigger in this timeframe. The main trigger is after 17.61.
⚡️ However, as I have mentioned in recent Bitcoin analyses, altcoin triggers and even the Total2 in spot don't currently hold much significance. For buying altcoins in spot, we should wait until Bitcoin dominance turns bearish.
📅 Daily Timeframe
Let's move to the daily timeframe to observe the details of the price movement more closely.
🧩 In this timeframe, we have a curved trend line that the price has hit several times and fallen.
⭐ Currently, after breaking 4.95, we can apply a Fibonacci Extension to find potential support areas. The price has reached the 0.618 level and has tested it. This area might be able to prevent further price falls. Otherwise, the next supports will be at the 0.786 and 1 Fibonacci levels, with the 1 area overlapping with the 3.34 support.
💥 The RSI oscillator is close to oversell and if this oscillator break the 30 level,it will support the bearish movement.
🔼 For buying or a long position, a suitable trigger is the 6.25 area, which is both a significant support and the last peak formed after breaking the 4.95 floor. The main trigger for the start of the primary bullish trend will be at 11.79.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️