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Verge Price Analysis: Bearish Pressure Pushing the Price Lower

Verge (XVG) was initially created in 2014 under the name DogecoinDark. Its primary features are privacy and anonymity. XVG can be easily manipulated due to its low market capitalization.

Like most other altcoins, XVG coin has faced the heat of bear pressure in the volatile crypto market.  The bears have been successful in continually pushing the price of Verge coin in the lower range.

In the first week of September, the price is hovering between the range $0.0045 – $0.0043.

Latest Statistics of Verge:

 As on September 6th, 2019, at 6:02:00 UTC, current statistics are as below:

  • XVG price is trading at $0.00434583
  • Current market cap is around $69,191,592
  • 24-hour volume is at $1,209,371
  • Circulating supply is at a sound 15,921,480,959 XVG, ROI >9000%

The price of Verge may fall to 0.00428 USD within the next 24 hours.

Verge coin has seen a lot of price variations due to bearish pressure. It seems to be struggling to get out of this momentum. The price opened at $0.00456761 on September 1, 2019.  The 7 day high was seen at $0.004698 USD, while the low was at $0.004262 USD. The price has gone down by 3.93% over ‏the last 7 days.

On September 5, the price opened at $0.004455. It reached a high at $0.004537 within two hours. On the same day, it fell to a low of $0.004272 within the next 14 hours. It finally closed at $0.004341. The price has gone down by 2.44% in the last 24 hours.

The first resistance level for the price is at 0.00449 while the first support level is at 0.00423.

Verge Price Prediction & Conclusion:

Verge has been in the bearish phase for quite a while now. The prices have shown a downswing since July and continued to do so during August as well. Analysts feel that the medium-term outlook should be bullish looking at the potential of the coin. However, things are still looking bearish after the first week of September. In this volatile crypto market scenario, short-term and day traders may not benefit much.

Investors can think of investing as a long-term prospect considering its potential. One of the best analysts ‘Wallet investor’ expect Verge to go up by 2-3% in the next 5 years and up to $0.138 by the end of 2019.

Certain new developments around the world may see a rise in the price. A crypto exchange platform Bitnovo has decided to add support for XG, due to which Crypto users from Spain and Italy will be able to purchase XVG from ATMs across their 20,000+ stores. Another fast-growing e-commerce retailer Crypto Planet has also decided to add support for XVG.

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About Shreya Kapoor

20 y/o budding journalist, with a tinge of good vocabulary.

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