VOXEL Technical Analysis: Free Fall in Bearish Wedge Warns 40% Fall

Key technical points:

Past Performance of VOXEL

VOXEL prices remain in a falling trend within a descending wedge pattern in the daily chart. The bearish pattern accounts for a downfall of 78% in the last two months under the highly bearish resistance trendline. Moreover, the increased selling pressure challenges the $0.35 support level, leading the bear cycle to the descending support trendline.

Source-Tradingview

VOXEL Technical Analysis

The currently forming VOXEL daily candle is congested between the $0.35 support level and the resistance trendline. However, the bearish candle shows higher price rejection, increasing the chances of a downtrend continuation. The daily-RSI slope shows a bearish trend flattening near the oversold boundary as the $0.35 support level attempts to halt the falling trend. However, a dip to the oversold zone will be unavoidable if the support level cracks.

The MACD indicator displays the fast and slow lines merging below the zero line and ready to gain a bearish spread. Hence, with an increase in negative histograms, traders can expect the start of a falling trend in MACD. So the technical indicators tend to side with the bearish side and suggest an opportunity to sell. However, the price action traders might prefer to wait until the price falls below $0.35. In a nutshell, it is clear that the VOXEL technical analysis predicts the possibility of a bearish fall that's in the process of forming a YTD low.

Upcoming Trend

Suppose the bearish candle breaks under the $0.35 mark; VOXEL prices will plunge to reach the support trendline accounting for a 40% price drop. Hence, traders can expect the downfall to reach the $0.20 mark.

Resistance Levels: $0.20 and $0.28

Support Levels: $0.18 and $0.15