Verge (XVG) Price Analysis – April 17
The value of Verge has substantially depreciated since price started to drop on March 9. Due to this reason, XVG market has been positioned in a bearish with a strong selling control. As price action aims close support, a strong bounce may set the token on a bull-run. As of the time of writing, XVGUSD and XVGBTC move in the same direction.
Resistance levels: $0.0095, $0.0105, $0.0115
Support levels: $0.008, $0.0075, $0.0065
In late March, Verge began a slow higher high, higher low move to the near of 0.0115 BTC high before the bears gained control of the market on April 9. Following the descending wedge formation, XVG has nearly reached a tight angle of the wedge.
As suggested on the 4-hours Stochastic RSI, a potential fall could hit the next key support at $0.008 level, touching the lower trend line. If the rally continues downward, the token could make a bottom at $0.0075 and $0.0065 respectively.
A long position, however, may possibly shoot price at $0.0095 resistance level and beyond. Most time, this wedge pattern is commonly followed by a bullish continuation. Any time from now, a bullish breakout is expected to initiate the bulls back to position. Otherwise, the bearish rally could continue.
XVGBTC market has been subdued with a low volatile appearance for the past five days of trading. Currently, selling pressure is gradually heading towards 158 SAT support level; revealing the bears are currently in control of the market. On the 4-hours Stochastic RSI, buying pressure aims a reverse level at 70 line; respecting the trend line.
Following the downtrend, a bullish reversal is likely to visit resistance levels at 175 SAT, 190 SAT and 205 SAT respectively. By then, the Stochastic RSI should oscillate above the descending trend line. However, there’s no sign for a positive move.
If price surpasses the February low at 155 SAT, Verge may experience a significant drop; creating new support. At the moment, XVG is following a descending channel.
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