VLXUSDT Possible rebound to the 1D MA50

25 May 2022

Velas (VLXUSDT) has been trading within a Channel Down since the January 13 High. The 1D MA50 (blue trend-line) and the 1D MA100 (green trend-line) have formed a Resistance Zone where the last 4 attempts to turn the chart bullish failed and the price got rejected to Lower Lows.

Right now the price sits near the Lower Lows (bottom) trend-line and seems to be replicating the price action of January 2022. What followed was a rebound just above the 1D MA50 in early February. With the 1D MACD also on a Bullish Cross as on February 03, we expect a same reaction, with the 1D MA50 currently at 0.1554 but declining strongly.



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