VRC appears to be in another downward trend forming yet another 'Bullish Pennant' pattern bouncing off a long-term resistance line that transitioned into a new support line. With the long-term resistance line come support converging with the short-term support line of the , the are once again converging suggesting reduced . hovering around 40 into the high 30s as the continues a smaller magnitude but converging to what may be another crossover.
The repeating pattern, coupled with the strong support and favourable , and indicators suggest that VRC should make another run, potentially up to around 12200-12500 sats (~30%) if it reaches the long-term resistance once again.
Still a bullish pattern approaching the pointy end of the 'Bullish Pennant' with two levels of support and resistance coming from the bullish pennant. If VRC falls bellow the longer-term resistance come support line, this trade may fail.
Good news is that the broader bullish pennant pattern is converging and the jump today has not had a huge affect on the RSI, MACD and Bollinger bands; the RSI still hovering in the high 40s, MACD still in bearish divergence with a bullish crossover still looking possible, and the Bollinger bands still showing only a small degree of volatility. Resetting sell orders to 10300 sats (+5%) and 11350 sats (+15%).
With money still flowing out of crypto markets with the overall market cap now <$400b, VRC is approaching the pointy end of a bearish symmetrical triangle that may see it fall to the 'resistance come support' line at around 8600-8700 sats. Overall looks to be a bearish trend.