After 60% crash, can Vine Coin rebound 40%, rally to $0.10?
Key Takeaways
Vine Coin has consolidated losses above $0.05 for the previous few days. Is it the springboard for a restoration?
Vine Coin [VINE] has stabilized above $0.05 after heavy profit-taking in August that erased all the +300% upswing in July.
Up to now few days, the altcoin has consolidated between $0.5 and $0.10, forming a base that would entrance a restoration in case of a constructive market sentiment.
Is a rebound on the playing cards?
Supply: VINE/USDT, TradingView
On the value charts, the value bounced off the trendline help after the 60% dump in August, marking the extent as a key demand zone.
This was above $0.05 worth degree and will help the restoration thesis if the trendline is defended.
Nonetheless, bulls needed to clear the $0.08 to advance to the following essential goal on the 50% Fib degree at $0.01.
A possible 40% acquire could possibly be potential if bulls might handle to clear the overhead hurdle at $0.08 and march to $0.01.
The above transfer could possibly be confirmed if buying and selling quantity cracks the resistance (white trendline) on the OBV. In any other case, the VINE might proceed to consolidate losses above $0.05.
A break under $0.05 and the trendline help would invalidate the bullish thesis.
That being stated, the liquidation heatmap additionally marked out $0.08 as a key degree that would set the tempo for restoration.
The zone (marked yellow) had vital quick liquidations that would entice worth motion. A brief-squeeze on the degree might push VINE greater beneath constructive market situations.
Supply: CoinGlass
Total, after a 300% explosive upswing in late July, VINE erased almost all its beneficial properties in August.
However there gave the impression to be vendor exhaustion, and the altcoin was consolidating losses above $0.05. This might arrange the stage for a powerful VINE rebound in direction of $0.1, particularly if consumers step in.
Disclaimer: The knowledge offered doesn’t represent monetary, funding, buying and selling, or different varieties of recommendation and is solely the author’s opinion
