The price of Vartcoin is on an upward trend above $1.
Throughout the day, the price of Vartcoin increased by more than ten percent after surpassing the psychological threshold of one dollar. After completing the breakout target of 66% for the cup and handle pattern, which was indicated in the previous analysis, the meme coin is now trading at $1.06 at the time of writing.
On the 12-hour chart, Vartcoin maintains its position above the exponential moving average (EMA) indicators for the 50, 100, and 200 periods, indicating a strong bullish outlook towards the next target at $1.20. This is a resistance level that was challenged in December and January.
An increase in the relative strength index (RSI) above 70 indicates that buyers are in control of the situation. On the other hand, entering an overbought level poses an additional risk of a potential pullback, especially if investors decide to take profits.
To determine the strength of the bullish trend, traders will look for a 12-hour to daily close above the immediate support level of $1.00. A drop below this level may see the price decline sharply to the next significant support level at $0.90 before continuing to $0.80 and $0.72.
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