VGX drops 96,50%
VGX has been falling since hitting an all-time high of $5.91 on November 23. The downtrend has so far led to an all-time low of $0.179 on July 6. This corresponds to a reduction of 96.50%.
Throughout the tumble, the price has been plunging underneath a descending resistance line, which more recently caused a rejection on June 1 (red icon). So far, the resistance line has existed for 225 days.
Although the daily RSI is oversold, there hasn’t been any bullish divergence yet. Therefore, there hasn’t been any sign of a bullish reversal.
Short-term movements
The two-hour chart shows that VGX has been falling inside a descending parallel channel since June 14. Such channels often contain corrective movements, meaning an eventual breakout is likely to come. Currently, the price is trading in the upper portion of the channel, after bouncing up from the midline (green icon) on July 6.
However, similar to the daily time frame, the two-hour RSI has yet to show any bullish divergence and is moving along the descending resistance line. Therefore, technical indicators have not yet shown any signs of a bullish reversal.
VGX/BTC
Like the USD pair, the VGX/BTC fell to a new all-time low on July 6. The daily RSI is at an all-time low but has not produced any bullish divergence.
The price has been falling along with the descending resistance line since July 1. Until it breaks above this line, there will be no sign of an uptrend.
(Reference: beincrypto)
Disclaimer: This article is for reference purposes only, not investment advice.
Follow our channels for more crypto news:
- Cryptory Insights: https://t.me/CryptoryInsights
- Cryptory Global Community: https://t.me/CryptoryCommunity
- Facebook: https://www.facebook.com/CryptoryNetwork
- Twitter: https://twitter.com/CryptoryNetwork