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Venus XVS Breakout Analysis – XVS Performing Active Uptrend with +50% Gains in a Day
Venus is trading in active uptrend here like many other altcoins are. The Cryptocurrency Venus XVS just went up +50% in a single day and surges over +76% in a week.
What is Venus?
Venus is an algorithmic money market and synthetic stablecoin protocol launched exclusively on Binance Smart Chain BSC. The protocol introduces simple-to-use crypto-asset lending and borrowing solution to the decentralized finance DeFi ecosystem, enabling users to directly borrow against collateral at high speed while losing less to transaction fees. In addition, Venus allows users to mint VAI stablecoins on-demand within seconds by posting at least 200% collateral to the Venus smart contract.
Venus Quick Stats
| SYMBOL: | XVS |
| Global rank: | 195 |
| Market cap: | $42,887,723 AUD |
| Current price: | $5.80 AUD |
| All time high price: | $7.22 AUD |
| 1 day: | +50.5% |
| 7 day: | +76.6% |
| 1 year: | +83.74% |
Venus Price Analysis
At the time of writing, Venus is ranked 195th cryptocurrency globally and the current price is $5.80 AUD. This is a +76.6% increase since 2nd December 2020 (7 days ago) as shown in the chart below.
Price already increased a little bit after the Venus announcement yesterday, and then XVS did an awesome breakout from this bearish rectangle by breaking all previous resistances & is now currently trading at $5.80 AUD price levels.
“The bearish rectangle is a continuation pattern that occurs when a price pauses during a strong downtrend and temporarily bounces between two parallel levels before the trend continues.”
What do the technical indicators say?
The Venus TradingView indicators (on the 1 day) mainly indicate XVS as a buy, except the Moving Averages which indicate XVS as a strong buy.
So Why did XVS Breakout?
The recent rise in Bitcoin over 100% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. Another reason could be the whales, secretly stacking up XVS to their portfolio for the upcoming Altcoins rally. It could also be contributed to some of the recent news where they announced adding Top 3 Cryptos to VenusProtocol.
Recent Venus News & Events:
- 23 November 2020 – AMA at VenusProtocol
- 01 December 2020 – VAI Listing on Coinmarketcap
- 04 December 2020 – Addition of Crypto to VenusProtocol
- 07 December 2020 – Venus Developers API – Publication
Where to Buy or Trade Venus?
Venus has the highest liquidity on Binance Exchange so that would help for trading XVS/USDT or XVS/BTC pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.
Author
Malik Junaid
Malik is a skilled writer with a background in Software Engineering. His interests are blockchain, cryptocurrency trading and market analysis.
