Army Piper provides technical analysis on VIAT, which is currently trading at around 12.4 cents, down 4.82% in the past 24 hours. Piper notes a four-hour resistance line at around 12.6 cents on the multi-time frame greatest support resistance indicator, but also highlights strong support at the 886 FIB retracement level. However, if VIAT fails to hold the dynamic reactor, Piper sees the next target at around 10 cents, with a point of control on the VRVP also coming in at this level. Piper is hopeful that VIAT will hold the dynamic reactor and could see more upside with a potential flip up on the oscillator.
A Technical Analysis of Viacoin (VIAT)
Welcome to another weekly technical analysis with Army Piper. This week we will be taking a look at Viacoin (VIAT), currently trading at 0.12 USD or 12.4 cents per token. In the past 24 hours, the price has dropped by 4.82%. Let’s dive into the charts and see what they have in store for us.
VIAT on a 12-hour Chart
On a 12-hour chart, we can see that VIAT is currently facing a four-hour resistance at 12.6 cents. Our support and resistance indicator, the Oracle Dynamic Reactor, is currently showing good support for the price. The green line running through the chart acts as a VWAP and a moving average combined. It gets thicker as momentum increases and thinner as it decreases.
Our predictive ranges show that we had a rejection almost to the dollar off of the top trade band. Between the gold bands is where most of the price action typically occurs, with the blue line acting as the 50 line of the entire period. Currently, we are holding on the Dynamic Reactor, but if we break down, we may target the gold trade band at 6.1 cents.
If we take a look at the Fibonacci retracements, we can see that 886 is currently holding us as support. This is coming in at around 12 cents right now. If we break down from here, we may target 10 cents, which is a psychological number and our last low Wick.
Multi-Time Frame Analysis
On the 4-hour and daily charts, we can see major support levels at 4.3 cents and ultimately all the way down to 1.3 cents. The oscillator on the 12-hour chart is starting to show some curvature and may be coming back up.
VRVP and Trend-Based Fibonacci
The VRVP also shows a point of control around the 10 cent mark, which is where we may find support if we break down from the Dynamic Reactor. Finally, the Trend-Based Fibonacci is currently showing good support at phase one or the golden pocket.
In conclusion, VIAT may face resistance at 12.6 cents and has support on the Dynamic Reactor and at 12 cents. If we break down, we may target 10 cents, which also has support on the VRVP. Major support levels are at 4.3 cents and 1.3 cents. The oscillator on the 12-hour chart is showing signs of turning around. This has been Army Piper with your weekly technical analysis. Thank you for joining me, and I will see you next week.