Created by the Swipe Project team, Venus (XVS) is an algorithmic money market and synthetic stablecoin protocol. 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. It was launched exclusively on Binance Smart Chain (BSC). Past Performance As of February 22, 2021, the opening price of XVS was $92.72. It fell to $51.75 the next day. As of February 28, 2021, the price closed at $38.16. However, since January 2021, the currency has moved up 367%. This is a big boon for DeFi currency trades. In the past 24 hours, XVS has been trading between $51.23 and $51.02. Technicals for the Day-Ahead and Tomorrow Currently, XVS is trading at $50.98. The opening price of XVS today was $51.24. Thus, the price is showing a positive trend. The OBV indicator is upward sloping now with 244. However, it fell earlier and has been falling for the last few days. Thus, buying volumes are more than the selling volumes. Hence, increased buying activity will exert upward pressure on the XVS price. Thus, we can expect the XVS price to go up. The MACD and signal lines are positive. There was a bearish crossover by the MACD line over the signal line which subsided with a temporary price pullback. As of now, it is 1.7 in positive, the price is likely to go up with intermittent price pullbacks. The RSI indicator is at 57%. A few minutes back it was in the ‘overbought’ region above the 70% mark. Thus, it is a good time for swing traders to go short. Since buying pressures are still high, we can expect the price to rise further. XVS Price Analysis Currently, the price needs to break out of the Fibonacci retracement levels of $54.76 and $57.34 to go above the sustaining level. As the MACD indicator has pointed towards a brief price pullback, we can expect the XVS price to test the 23.6% FIB retracement level of $50.28, before resuming its upward journey again. We can expect this bull-run to continue tomorrow as well.
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