Genesis Vision is a platform for decentralized financial trust management. With the help of Genesis Vision, crypto investors can invest in various decentralized funds based on the fund managers’ historical performance.
A blockchain version of an investment bank, Genesis Vision has garnered support and hype among the crypto community. Let us look at the Technical Analysis of the utility token GVT, which is used to make all payments on this fast-growing Genesis Vision platform.
Price has found support on the diagonal rising trend line and quickly bounced off the line. The interesting thing to see here is the sharp rise in green buying volume candles, confirming that the trend is real.
The price action has pushed Genesis Vision above its 50 Days Moving Average on the 1 Day chart. 50 Days SMA has been historically very accurate in determining GVT’s trend. If the price is able to sustain above the 50 Days SMA in the coming days, it will confirm the hold of the bulls over the trend.
In the short term, the price has almost gone parabolic and some retracement is expected particularly with strong horizontal resistance ahead. If we look at the Fibonacci retracement ratio, the price can find support around the 0.38 ratio and 0.5 ratios which is around the 0.00115-0.00110 BTC area.
Price will find very strong historical resistance in the coming days and it is very likely to retrace from here for some time. On the other hand, if the price is able to get above this zone of resistance, which lies between 0.00135 BTC- 0.00145 BTC, then we can confirm the strong hold of the bulls.
Verdict: Short-term neutral, long-term bullish
Comment: For those wanting to get in the trade can either carefully position size when price retraces, or wait for the break above the zone of resistance. This applies only to long-term traders.
By Vishal Chawla
Disclaimer by the Author:
This is not an investment advice or promotion to ICO or Cryptocurrencies or any other investment in any form. These views are based on Author’s own research and readers must execute caution & suggested to do their own research during any investments.