Verge(XVG) Price Analysis: Bulls Are Aiming High, Probably

  • Verge(XVG) Price recently made an all-time high of $0.018795 
  • Verge Price made a Pennant pattern on the daily charts, while the bull booked their profits
Verge coin
www.tradingview.com

Verge(XVG) price saw some profit booking once he coin made a new all-time high of $0.018795. The volumes have also declined below the average from the past few days. The market cap and 24 hour volume are $206,145,107 and $7,303,164 respectively.

Pennant Pattern: An Upside Of Verge(XVG)?

Verge Coin
www.tradingview.com

Verge(XVG) Coin made a pennant pattern on the daily charts, which is likely to give a 90% upside if there is a confirmed breakout with a volume surge. However, the coin appears to be a bit dormant as there is no increment in the volume. The previous bulls appear to book their profits; meanwhile, the new players are resisting entering the coin. 

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The VWAP is 0.015, which is acting as a support for the coin. 

The Bollinger Band suggests very low volatility since the bands have contracted. The upper band acts as a resistance at $0.0137, while the base and lower band provide support at $00125 and $0.011, respectively. 

The stochastic is in oversold territory and may be preparing to give a crossover, which can help the coin breakout from the coin. 

The MACD(8,21,5) has given a bullish crossover, which failed to trigger the bear run. Instead, there has been partial profit only. If the signal line crosses over the slow line, it can resume the upside. 

The ADX line is at 62.26, declining from the high of 65, suggesting a weaker trend, often responsible for reversals or consolidation. The DI+ and DI- are at 34.14 and 10.97, suggesting that the buying pressure is more than the selling pressure. The sideways movement of the lines indicates that most bulls and bears are continuing with their positions. 

Conclusion

Verge(XVG) coin is about to give a 90% upside or 30% downside post breaking the pennant. SO far, the indicator suggests that the previous bulls are exiting the trades; meanwhile, the new participants haven’t brought any significant buying or selling pressure. It’s possible targets could be $0.025 and $0.01, depending upon the direction. 

Support: $0.0125(BB Base) and $0.01148(Lower BB) 

Resistance: $0.0126(Upper BB) and $0.014(Horizontal Resistance)

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Kartik Dhankanihttp://thecoinrepublic.com
Kartik Dhankani is a BAF Student based out of India and a stock market trader and Financial Analyst. He seeks to diversify his reach to different investment alternatives and analyse them using his knowledge for fundamental and technical analysis

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