- A trader made approximately $7.4M from VINE trades, with unrealized profits of $3.4M from a recent 13.81M VINE purchase.
- VINE’s RSI at 49.30 signals neutral momentum; a drop below 40 may indicate bearish continuation, while 60 hints at bullish revival.
- Binance Futures listed VINE and PIPPIN with 25x leverage, increasing market exposure and trading opportunities.
Vine has seen increased market activity and volatile price trends. According to data from Lookonchain, a trader profited approximately $7.4 million from VINE transactions. Two days ago, this trader spent $70,000 to purchase 14.64 million VINE, later selling 9.96 million for $2.36 million, leaving a profit of nearly $4 million.
Nine hours prior to the report, the same trader used a different wallet to buy 13.81 million VINE for $1.69 million, now with an unrealized profit of $3.4 million. At the time of writing, VINE was trading at $0.2678, a 26.28% increase in the last 24 hours and a 44.32% gain over the past week.
VINE Price Movements
VINE is consolidating after a strong rally. The asset previously peaked above $0.40 before retreating. Its price now trades at $0.26 with reduced trading volume, indicating a weakening trend.
Price levels indicate resistance at $0.30, a psychological barrier, and support between $0.25 and $0.26, where previous consolidation occurred. The RSI is at 49.30, a neutral levels. It previously declined from overbought levels above 70, indicating cooling pressure.
A drop below 40 could lead to further downside, while a rebound above 60 might revive bullish momentum. The MACD shows bearish tendencies, with the MACD line at -0.00894 and the histogram reflecting declining bullish pressure.
These indicators suggest limited buying activity and the possibility of further price consolidation or a downward trend. For bullish momentum to take hold, VINE must maintain support above $0.26 and see RSI climb above 60.
In such a scenario, targets include $0.28 and $0.30, with potential to reach $0.35 if buyers return strongly. However, if RSI falls below 40 and MACD remains negative, the price could drop to $0.25 or lower, potentially revisiting $0.22 or $0.20.
VINE Market Outlook
Adding to the momentum, Binance Futures introduced USD based perpetual contracts for VINE and PIPPIN on January 24. These contracts, offering up to 25x leverage, provide higher risk opportunities for traders.
According to Binance, VINE began trading at 10:00 (UTC), followed by PIPPIN at 10:15 (UTC). These launches on Binance’s Alpha Market bring VINE to a broader trading audience.
Additionally, Davie Satoshi observed an impulsive wave up and an ABC consolidation pattern forming. He suggested that, depending on retracement levels, the next movement could align with a wave three formation, further reinforcing potential price shifts.
