Vanry

Technical Analysis for VANRY/USDT

The chart depicts a 3-day timeframe, highlighting a Descending Channel that has guided the price movement consistently lower. Within this channel, a more compact pattern, known as a Falling Wedge, has emerged, which is often considered a bullish formation with the potential for an upward breakout.

Key Highlights of the Analysis:
Descending Channel: This channel is defined by parallel descending trendlines of resistance and support. The price has been moving within these boundaries consistently.

Falling Wedge: Inside the channel, the price forms a converging structure, signaling a slowdown in selling pressure and a potential increase in buying interest near support levels.

Strong Support: A significant support zone is identified around $0.0609 - $0.0887, where the price has shown resilience previously. This area could act as a critical level for a potential reversal.

Potential Breakout: If the price successfully breaks above the Falling Wedge's upper trendline, a strong upward move is possible, targeting the previous resistance levels at $0.1177 and possibly beyond $0.1500.

RSI Indicator: Currently near 42, the RSI suggests the price remains in a neutral zone, leaving room for an upward movement, especially following a breakout.