VOXEL Technical Analysis: Within Falling Wedge, A Reversal Pattern Sprouts
Key technical points:
Past Performance of VOXEL
VOXEL prices remain under immense selling pressure as the falling trend continues in a bearish wedge pattern with a solid resistance trendline. And under the influence of this highly bearish resistance trendline, the token's market value crumbled by 78% last month. However, the recent free-fall finds support at the descending trendline with a morning star pattern, a bullish reversal pattern, inflating the market value by 41%.
Source-Tradingview
VOXEL Technical Analysis
VOXEL price action experiences an increase in trading volume, reflecting an increase in the use of leverage and possibly bullish commitment if the trend sustains. However, the wick formation in the ongoing daily candle projects weakens the underlying bullishness and lowers the chances of a prolonged uptrend.
The critical daily EMAs remain in a bearish direction and continue to fall lower, indicating the correction phase of the movement.
The RSI slope displays a bullish reversal inside the oversold boundary, but it struggles to break out of it. Moreover, the 14-day SMA suppresses the RSI values and maintains the downtrend in action.
Its Stochastic RSI displays a bullish crossover as the K line splits from the D line after a fusion leading the sideways movements within the oversold zone. Therefore, the lines could soon signal the beginning of a new bull run.
Thus, the momentum indicators suggest a high likelihood of an uptrend but lack commitment due to decreased trading volume.
In short, the VOXEL technical analysis forecasts a potential uptrend continuation to the $1 mark.
Upcoming Trend
If VOXEL buyers overcome the weakness and erase the long-wick formation, the bearish pattern will still oppose the uptrend. Hence, the breakout of the falling channel’s resistance trendline will embark bulls on a new path above the $1 mark. Considering the buying pressure sustains, traders can expect the breakout rally to reach $1.5 or even $2. After that, however, a reversal will start a bear cycle, resulting in a fall to $0.34.
Support Levels: $0.34 and $0.25
Resistance Levels: $1 and $1.5
