Venus (XVS) is one of the top movers during the daily timeframe. The cryptocurrency had been increasingly bearish ever since it established the all-time high during the peak of the bull run in May. While the price had not been able to reach to even half of the ATH of $147, the current trajectory suggests bullish pressures. At the time of writing, the token stands at a price level of $26.15. The price has increased by 17% during the past twenty-four hours while the daily trading volume has surged by 450%. The weekly performance also shows a growth of more than 10%. Venus is launching some interesting products which are helping boost the value of the token along with a shift in the market sentiment.
Why is Venus surging?
Venus had been on a bearish roll since the end of October. The prolonged bearish momentum came to an end in the form of corrections as investors begun to reverse their sentiment regarding the cryptocurrency. XVS token broke the downtrend during the current day and embarked on an uptrend. Apart from prolonged bearishness, developments have also contributed towards the uptrend of the cryptocurrency.
On November 19th, Venus successfully deployed proposal VIP47 on its mainnet. The proposal was regarding enabling XVS buyback and burn and with a majority voting in favor of it, the proposal was subsequently implemented. The buyback and burn will begin on 24th November and will be completed in a week’s time. Moreover, on the same day, the project also announced the launch on XVS Price Prediction Market in an official partnership. The prediction market was set to be launched on 23rd November. A “Mission to Venus” contest will also be launched by the network as soon as the XVS Vault is launched. Suffice it to say the network is brimming with interesting developments and the upcoming days will prove to bring further good news for the XVS token.
XVS future outlook
The strong fundamentals of the project are further boosted by the ongoing and upcoming developments. These together have shaped the technicals in a positive light. The future outlook for Venus is, hence, bullish. If the development team continues with its pace, XVS can possibly reach its all-time high. According to the estimates of Digital Coin Price, XVS will end the year close to the price level of $40 while the five-year projection places the token at $92. Wallet Investor has a similar projection of $96 for five years.
