July 20, 2021, is the day everyone thought most of the cryptocurrencies are set to enter a bearish zone and repeat the price momentum seen after the 2017 up move. To our utter surprise, XVG has posted close to 100% gains from its levels of $0.0159 towards $0.2943 in less than one month.
This bullish momentum has brought XVG to the attention of crypto buyers, who believe it can make a possibly bigger move in the short term. Technical analysis indicates some resistances along the way to reclaim its all-time high valuations.
Verge Price Analysis
XVG is moving upwards with due consideration to its moving trendline and has recently broken its immediate resistance line. But that’s not the source of this up move. The fact that XVG retested the resistance after breaching it in one attempt and took support from the same has added an immense positive sentiment.
Since the majority of technical indicators showing buying sentiment as visible by RSI and MACD indicators. RSI is trading in an overbought zone after almost a gap of four months. The last time we witnessed RSI going overbought helped push XVG above $0.07 on daily charts.
The immediate resistance indicated by the yellow line has turned into support; hence any buying trade should carry limited risk compared to the possible reward. The ongoing price action will face strong resistance around $0.033 levels, and XVG would likely consolidate before breaking that resistance. While the volumes have remained stagnant over the last couple of days, we expect a consolidation near $0.033 before a further up move.