The price of Vee Token, a little -known altcoin, has doubled in the last seven days, behind this rise, there are movements of large investors (whales). However, intense profit realization caused a withdrawal at prices.
Vee price increased by 100 %: Will Altcoin be able to bring the continuation of the rise?
The Smartnft Analysis Platform, BlockV’s local tokene, has increased 100 %in the last seven days and left behind leading crypto currencies such as Bitcoin [BTC] in the same period.
However, investors started to sell profits with a 100 %earnings per week. While the news was preparing for the broadcast, Altcoin experienced a withdrawal of approximately 40 %, but the important 50 %Fibonacci managed to hold above the retreat level.
Will the rise continue? What does On-Chain and Technical Analysis say about the continuation of the bull formation?
Vee declines due to profit realization
Generally, such harsh rises encounter a correction at 50 %or 61.8 %Fibonacci levels. The 50 %Fibonacci level in Vee coincided with a strong support zone in the 6 -hour graph. Therefore, this place was expected to serve as a solid support.
The sub -wicks of the candle bars showed that this level of support was working. However, the Chaikin Money Flow (CMF) indicator showed that capital inputs were at the average level.
In addition, the relative power index (RSI) was in the critical threshold and a recovery signal from the neutral region could only come with a leap from this level.
If the technical indicators gain strength again, the vee price can target the level of 0.053 or $ 0.067 again. However, if the sales pressure continues, the price may drop to 0.03 or 0.02 levels.
It was the main catalyst of Altcoin whales and rally
When we examined more closely what caused the last rally, it was seen that the major investors (whales) and the price of the price.
Especially on February 1, a large transaction worth $ 130,000 took place. Then, on February 5, another major whale process worth approximately $ 150,000 was recorded.
This second major wave of purchasing caused Vee to increase by 64 %in a single day, and this increase reached 160 %until 10 February.
The increase in interest in the market provided the necessary acceleration for the further rise of Vee.
According to centimeter data, shares about and on social media have increased. However, the general sensitivity of the market has returned to the negative region. This can make it difficult for a strong recovery in the short term.
