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Vine Coin has more than $ 0.05 consolidated losses above $ 0.05 in recent days. Is it the springboard for a recovery?
Mint is coming [VINE] is stabilized above $ 0.05 after taking a heavy profit in August that the entire +300% erased ramp In July.
In the past few days, the Altcoin has consolidated between $ 0.5 and $ 0.10, so that a basis can be formed that can promote a recovery in the case of a positive market sentiment.
Is a rebound on the cards?
Source: Vine/USDT, TradingView
On the price diagrams, the price of the Trendline support after the dump of 60% bounced in August, which marked the level as an important demand zone.
This was more than $ 0.05 price level and could support the recovery thesis if the trendline is defended.
Bulls, however, had to erase the $ 0.08 to continue to the next crucial goal at the FIB level of 50% at $ 0.01.
A potential profit of 40% could be possible if bulls could succeed in erasing the overhead hindernis at $ 0.08 and marching to $ 0.01.
The above move can be confirmed as a trade volume The resistance (white trendline) on the BBV is bursting. Otherwise the vine could continue to consolidate above $ 0.05.
A break under $ 0.05 and the trendline support would make the bullish thesis invalid.
That said, the liquidation heatmap also marked $ 0.08 as an important level that could determine the pace for recovery.
The zone (marked yellow) had significant short liquidations that could attract price action. A short squas at the level can push the vine higher under positive market conditions.
Source: Coinglass
In general, after an explosive revival of 300% at the end of July, Vine knew almost all his profit in August.
But there seemed to be the seller’s exhaustion and the Altcoin consolidated losses above $ 0.05. This could set up the stage for a strong rebound to $ 0.1, especially as buyers withdraw.
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer
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