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VGX rebounded, finding support at a crucial level, igniting a glimmer of hope for recouping losses. Is it on a sustainable upward trajectory?
VGX Breaks Above the Falling Wedge Pattern
Over the past 24 hours, VGX has seen a 2% increase and is trading at $0.192645. It had fallen for months but it’s now broken its bearish trendline (yellow), spreading out in a consolidation stage.
The price decline is also supported by the moving average crossover at $0.45, confirming the bearish sentiment.
However, the price has also formed a falling wedge pattern that supports the bearish sentiment stretching from a local high of $0.78. The falling wedge signals a change of trend to a bullish trend. Following this notion, the price broke out of the pattern, the bulls pushing the price from the support level of $0.08.
The bulls have received support from the 50-day SMA, which supports the price within the consolidation stage. This has given the bull wings to fly the price past the 200-day SMA. A break above the 200-day SMA will confirm a bull rally on the VGX price.
The relative strength index (RSI) is bullish, trading 79 above the overbought region. Considering the price support zones, and the breakout pattern, the RSI might be surging higher than this, which indicates the strength the bulls have on the economy. On the other hand, the awesome oscillator indicates green bars trading at 0.032 above the neutral mark, allowing buyers to enter the market without fear of losing.
Chart analysis indicates VGX price may surge to $0.58 following a breakout above the falling wedge and support from 50 SMA. However, a potential hurdle awaits at the 200-day Simple Moving Average, with a support level of $0.085.
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Launchpad XYZ($LPX) Presale Exceeds Expectations
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🚀 The #LaunchpadXYZ Meme Contest is now live! 🚀
Submit your funniest #Crypto meme for a chance to win $100! 🔥
Here's how to enter:
1️⃣ Follow us on Twitter
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3️⃣ Comment with your meme below⏰ Winner announced Friday 4th of August
Good luck! 👏 #Giveaway #Web3 pic.twitter.com/ZCMpDV0Ezy
— Launchpad.xyz (@launchpadlpx) July 31, 2023
Beyond its fun and engaging community events, Launchpad XYZ serves a more profound purpose: aiding traders and investors in identifying cryptocurrency and Web 3 opportunities. By holding LPX tokens, users gain privileged access to various tools.
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