- VGX token price obtains strong support from the 20-day EMA
- The VGX/BTC traded at 0.00009261 BTC, with a gain of 34.80%
- The VGX’s 24-hour trading volume is $146.1 million, indicating a 441.5% gain
On November 17th, the VGX token price gave a decisive breakout from the $3.55 resistance level, providing an excellent opportunity for crypto. When the token was trying to sustain above this new resistance, the news of VGX listing on ‘Binance’, which is a well-known crypto exchange, brought sudden demand for this token, which pumped its price to the $5.2-$5.35 mark.
Regarding the EMA’s, the VGX token price is trading above the crucial EMA’s 20 and 50, projecting a bullish trend for its traders. The RSI value is 67, indicating a bullish sentiment for the VGX token price.
The VGX token In The 4-Hour Time Frame
After making this new higher high to the $5.2 mark, the token entered a minor retracement phase which plunged the token price to the $3.55 support. However, in the last 4-day, the token has indicated strong bullish momentum in the chart, displaying a V-shaped recovery in the technical chart. To provide a long entry opportunity in this token, the price still needs to provide a proper breakout from the overhead resistance.
The traditional pivot levels indicate that this token’s nearest resistance would be at $6.7, followed by $7.6. As on the counter side, the support levels are $4.5 and later $3.
The moving average convergence/divergence indicator(MACD) indicator shows the MACD and signal lines moving above the neutral zone, indicating the overall bullish momentum in the market.
Conclusion: from the technical perspective, the VGX token price is projecting a strong bullish outlook regarding its price action and indicators. As mentioned above, the traders should wait for the price to breach the resistance zone around the $ before initiating a new long trade.
Support – $4.78
Resistance – $5.35