Verge (XVG) Price Analysis and Prediction: About To Flip The Downtrend

XVG is currently at 116 sats which signifies a jump of +4.50% against the BTC in the last 24 hours. Nevertheless, XVG is still deep in the red against bitcoin on other timescales – down 29% in the last 3 months and 2.25% in the last month.

  • Resistance is at 159 sats.
  • Support is at 110 sats.
  • Breakdown level is at 115 sats.
  • Breakout level is at 153 sats, former support from February.

Verge has managed to stop the downtrend that started on May 25th and is currently about to close its first green candles in 11 days.

The TD Seq indicator clearly signaled a trend exhaustion point, as charted in our last update.

Right now, XVG needs to reconquer the lost Fib786 height at 119 and close above it to confirm the minor trend reversal. Today’s candle is shaping up to be a bullish spinning top which is another indicator of a potential rally.

Additionally, you can see that the price is about to touch the bottom line of the Ichimoku cloud and should this level get penetrated, we can expect XVG to burst through the other end of the cloud which is currently right at the resistance level of 153 sats.

Trading volume is puny – reported volume in the last 24hrs is $3m and “Real 10” (trading volume on the exchanges that provably prevent wash trading) volume is even lower – $1.4m. This means that XVG’s liquidity is moderately inflated and its trading volume is overstated by 2.2x which is comparatively great ratio.

Below are some of the most important news around the project in the last 30 days.

  • There is an upcoming meetup in Amsterdam on May 25th. To be clear, this is more a party for the people who got rich from XVG than a quality, science and development focused conference. As the official meetup page describes it “The Verge Meet-up is equally made to be informative as well as a networking opportunity to socialize and meet with other likeminded individuals. The evening will end with a big party, where the core team and special guests are present to celebrate with everyone.”
  • Biggest news is the release of iOS wallet – the wallet is now available for download on all Apple iOS devices running iOS 11.4 or newer! The wallet features integrations such as Tor for private and secure transactions, Face ID and Touch ID for improved authentication and Siri and Apple Watch support for ease of use on the go. We know the new Verge iOS mobile wallet will transform the way you send and receive Verge Currency, globally.
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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.

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