Venus XVS Surged +54% In A Single Day Amid XVS Listed On Poloniex Defi Innovation Zone

Venus XVS is trading in an uptrend, like many other Altcoins. The cryptocurrency XVS just went up +54% in a single day by breaking a falling wedge pattern with strong buying volume on multiple exchanges and surges over +86% in a week.

What is XVS?

Venus XVS 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. The governance of the protocol is entirely controlled by XVS community members, since the Venus founders, team members, and other advisors do have any XVS token allocations.

XVS Price Analysis

At the time of writing, XVS is ranked 137^th cryptocurrency globally and the current price is A$34.08. This represents a +86% increase since July 20, 2021 (seven days ago), as shown in the chart below.

After looking at the above 4-Hour candle chart, we can clearly see that XVS was trading inside the falling wedge pattern on the XVS/USDT pair. The first resistance was on the A$25.64 price levels which XVS broke with a strong bullish trend buying volume and is now heading towards the previous monthly high price at A$45.38 Seeing that many Altcoins are holding a strong position this week after the recent bitcoin price recovery with 14% in a day XVS might continue to increase in the uptrend if traders keep buying with high volume.

“The Falling Wedge is a bullish pattern that begins wide at the top and contracts as prices move lower. This price action forms a cone that slopes down as the reaction highs and reaction lows converge.”

What Do The Technical Indicators Say?

TradingView indicators (on the one-day window) mainly suggest XVS as a Buy.

So Why Did XVS Breakout?

General market sentiment seems to suggest cryptos are hopefully turning back bull run season after recent massive price corrections. Another reason for this sudden pump in price could be whales secretly buying XVS for the next Altcoins rally. Recent news was also announced regarding Poloniex Listing XVS Coin on its DeFi Innovation Zone.