Home Crypto Crypto Market Analysis Verge – is this a buy or a sell?

Verge – is this a buy or a sell?

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Verge (XVG)

Market Cap. $1.02B

Circulating Supply: 14.94B XVG

Max Supply: 16.56B XVG

Volume (24h) $51.78M

 

Verge (XVG) Price Prediction:

XVG/USD moves sideways in the short term and seems undecided. Verge price is trading in the red right now and resumed the yesterday’s bearish candle. It is pressuring a dynamic support so that a valid breakdown will bring us a selling opportunity.

However, we may have a buying opportunity if the rate will have enough bullish energy to jump and stabilize above a dynamic resistance. I will show you two potential scenarios, a selling one, and a buying opportunity.

Verge (XVG) Price Prediction:

The rate could drop significantly if will close below the lower median line (LML) of the ascending pitchfork and if will come higher to retest it and the sliding line (sl) or the 505 Fibonacci line (descending dotted line).

So, it could drop at least till the median line (ml), a valid breakdown will send the rate towards the 0.02331280 former low and towards the lower median line (lml).

 

I’ve added another Daily chart to show you what could happen if the rate will remain within the ascending pitchfork’s body. XVG/USD it should climb much higher in the upcoming period if it will jump and will close above the sliding line (sl) and the 50% Fibonacci line (descending dotted line).

The last corrective phase could be completed, and the rate could approach and reach fresh new highs if the LML will hold and will keep the rate within the ascending pitchfork’s body.

Conclusion

The corrective phase was natural after the false breakout above the ML of the ascending Pitchfork and after the failure to close near this line. You can go short on this crypto if it makes a valid breakdown below the LML of the ascending pitchfork.

We may have a buying opportunity if the rate will climb above the sliding line (sl). The upside targets will be at the upper median line (uml), at the median line (ML) and much higher at the UML.

©Forex.Academy

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