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Ranked 48 with about $720k trading volume by CoinMarketCap, Verge (XVG) has suffered a huge loss on its Dollar and Bitcoin pairing. In fact, there’s no significant sign of a positive move. The bear dominance is very strong. However, XVG markets continue to rally.
Resistance levels: $0.007, $0.0075, $0.008
Support levels: $0.0055, $0.005, $0.0045
Over two months now, Verge has been on a decline; the longest it has ever experienced since listed in the market. Though, it is due to the current bear market; the trading volume is substantially low. The price is currently trading at $0.006 price level.
Since Monday, the market has been on a Medium-term consolidation. As it squeezes, an incline is likely to touch $0.007 resistance. But if not, the rally would continue to the bottom of the channel, $0.0055, which remains a strong support level. The Stochastic RSI suggests the next move upward as pressure compounds in the oversold territory. The bull is about to play.
At the moment, the MACD is resting on the zero level. Crossing to the negative zone would maintain the trend lower. A price surge should hold the oscillator at the positive zone.
Falling from 225 SAT high in early January; Verge has remained in a perpetual decline with no attempt from the bull to resurrect the dip. The bulls are still weak and yet to initiate a strong entry to reverse the trend.
As it appeared, the strength of the market is strong as the bear steadily approaches 160 SAT, a strong support level. At the aforesaid support, a bounce up is likely to skyrocket XVG to 190 SAT resistance. But if price push failed, a massive drop would take the trade to the December low, 145 SAT support. Check out Stochastic RSI in the oversold area. The buyers might react.
The 4 hours MACD is on a sideway move, waiting for a big move. Like said earlier, a bounce up would position the oscillator at the positive zone. Lying below zero line would trigger a break-down.
What to Expect for Verge in 2019?
Analysts believe that Verge (XVG) price will surpass predictions for the long-term future. A majority of the investors and analysts focus only on the top cryptocurrencies when they want to determine the best investment opportunities. Nonetheless, they should also look into Verge, Why? Find out in our “How does 2019 for Verge (XVG) Look?” article.