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Viacoin Eyes All-time High Against Bitcoin

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Viacoin Eyes All-time High Against Bitcoin

Viacoin (VIA) looks set to test the all-time high against bitcoin at 0.0008599, the peak achieved in June 2017. The altcoin has a promising roadmap and will become a contender in the privacy space with styx, a zero-knowledge proof protocol that enables unlinkable atomic payments for for VIA.

As one of the pioneers of atomic swaps and the Lightning Network, along with Decred, Viacoin has one of the strongest technical foundations for a cryptocurrency. With the lead developer, known as Romano, having contributed to both bitcoin and litecoin, viacoin is one project that has a bright future.

Fundamentals

BTCManager reported on the altcoin’s implementation of atomic swaps in October 2017 and the new roadmap for 2018 will be released soon. Moreover, the altcoin is certain to get more attention as it is expected to be rolled out across bitcoin ATM’s in the near future.

Privacy Enhancements

In 2018, we can expect the release of Viacoin Core 0.15, which should implement the MAST protocol upgrade, improving transaction sizes and bringing smart contracts to the blockchain network. Styx, the layer on top of viacoin that will allow for anonymous atomic swaps, will be based on TumbleBit. With masternodes acting as tumblers, the development ported over to viacoin could mean that users will be able to stake their VIA to receive payments for tumbling transactions.

Wider Support for VIA

Finally, we should see a wider array of wallets for the altcoin; most notably, Ledger and Trezor are anticipated to support VIA soon, and there are plans for a Lightning Network-enabled wallet based on Jack Maller’s Zap and a Java-based wallet based on the popular bitcoin wallet Samourai.

Technicals

Since we have gone over some of the fundamentals of viacoin, we now look at the technical picture.

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Weekly Price Action

The chart below shows the weekly timeframe for VIA-BTC, illustrating that a downtrend was in place from October 2017 to December 2017. As we entered into 2018, the weekly close for VIA-BTC was higher than the Alligator, suggesting the start of an uptrend around 0.00032449. The price has since risen to around 0.00047 at the time of writing.

VIA-BTC (Weekly, Bittrex)

So far this week, the price action has tested the fractal resistance at 0.00054, with a weekly close above this level opening up the all-time high at 0.0008599. These two fractals are the only resistances for VIA on this timeframe.

Moreover, we see that the Awesome Oscillator looks to make a move above zero, which will indicate a strengthening of the bullish momentum. The weekly price action also displays a Cup and Handle, a famous trading pattern that suggests bullish continuation:

Using the Ichimoku indicator, we see that viacoin is attempting a bullish Kumo breakout; a weekly close above the cloud will give a signal that an uptrend will begin. Moreover, we see that the lagging line (purple) has moved above the previous price action, providing yet another buy signal on this week’s close.

VIA-BTC (Weekly, Bittrex)

Monthly Price Action

Looking at the monthly price action, we see that a strong bullish signal may be given on January’s close. The market is currently within equilibrium, resting near the conversion (blue) and base (red) lines. A monthly close higher than these two indicators will give a buy signal and suggest a drift toward 0.0008599. A break above 0.0008599 would open up the Fibonacci extension level at 0.00137491, shown below.

VIA-BTC (Monthly, Bittrex)

 

The author has been long VIA-BTC since January 1, 2018. Do you own research and do not take this article as investment advice.

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