VANRY Coin Price Risks 63% Drop Read CoinChapter.com on Google News
NEW DELHI (CoinChapter.com)— The VANRY coin price has enjoyed substantial gains since May 15. The blockchain’s ecosystem expansion efforts seem to have paid off, but the VANRY price still faces bearish risks from a technical setup. VANRY is the native token of the Vanar blockchain.
VANRY coin price action over the last 24 hours. Source: CoinStats
The token spiked by more than 26% since May 15 to reach a daily high near $0.202 on May 16 before paring some of its gains. The Vanar Chain team announced a partnership with Web3 developer Paima Studios, likely attracting buyers to the market.
Vanar Chain is partnering with universities.
Vanar Chain also entered a partnership with the University of Central Punjab as part of its grassroots growth program. The team plans to encourage blockchain and crypto adoption by partnering with various universities to spread awareness.
VANRY Coin Price Paints Bearish Setup
VANRY’s bullish performance failed to help it invalidate a bearish technical setup called the ‘bear flag pattern.’
The bear flag pattern appears on a cryptocurrency price chart when a brief, sharp countertrend movement—often referred to as the flag—follows a preceding downward trend. The formation typically signals a potential reversal of the countertrend.
VANRY coin price formed a bearish setup with a 63% downside target. Source: Tradingview.com
In a bearish continuation setup, volume levels may stabilize or decrease during consolidation. During the consolidation period of a bear flag setup, the market often trends upward in response to the initial price drop, triggering FUD.
The emotional response typically results in higher-than-average trading volumes as investors and traders re-enter the market to capitalize on or mitigate the price movement’s effects.
Traders calculate the bear flag pattern’s price target by subtracting the flagpole’s length from the breakout price level. As a result, VANRY price might drop to $0.07, a 63% drop from the current price level.
Bulls Fail To Hold Key Resistance Level
VANRY coin’s price rally stuttered after breaching the psychologically important $0.2 price level. The token has failed to hold above $0.2 since falling below it on April 12 earlier this year. VANRY coin’s price action highlights the presence of strong selling pressure near $0.2.
Hence, if the Vanar Chain token’s price rally stalls, VANRY price could drop to the 100-day EMA (blue wave) support near $0.17.
VANRYUSD daily price chart with RSI.
Moreover, failure of the EMA support level could push Vanar Chain coin price plunging to the support near $0.149 before recovering.
On the other hand, breaking and consolidating above the immediate resistance near $0.2 could help VANRY price target the resistance near $0.24.
The relative strength index for VANRY remained neutral, with the momentum indicator scoring 55.44 on the daily charts.
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