Why is Verge (XVG) Price Up By 60%?

The privacy-oriented cryptocurrency Verge (XVG) has shocked the market with an abrupt 60% price spike over the last 24 hours. With XVG vaulting to the top of Binance’s daily gainers list, traders are scrambling to understand the catalysts behind this explosive move.

XVG has surged from a 24 hour low of $0.004024 to a high of $0.006916 before falling to its current price of $0.0065.

Overview of Verge and Recent Developments

For the uninitiated, Verge is a privacy-centric blockchain network focused on enabling fast, untraceable, decentralized payments. The project integrates anonymity features like Tor and stealth addresses to obscure transaction sources while allowing high throughput.

Some recent developments help provide context around the price action. On February 12th, XVG launched on the mid-tier exchange CoinW. This new listing could be driving initial interest.

Additionally, Verge advisor Markwittenberg noted in a tweet that XVG mining was completed last October, meaning 100% of the capped token supply is now in circulation. With minting finished, existing coins should gain value via scarcity.

Explosion in Meme Coin Market; How to find potential successors to $WIF, $PEPE, and $BONK?🤫

The key? Getting in early, especially during the ICO phase. Check out NuggetRush today! This new memecoin combines play-to-earn gaming with authentic gold mining ventures. Seize the opportunity with ongoing presale prices! Plus, prepare for $NUGX’s upcoming launch on major exchanges.

Show more +

Technical Factors Signal Bullish Momentum

As trader JAVON MARKS observed, once XVG finally cleared the range resistance at $0.067697, it opened the floodgates to an over 1000% move. This clean technical breakout likely sparked overwhelming buying pressure from previously sidelined capital.

On shorter timeframes, the week ending February 26th printed an extremely bullish looking ‘W’-shaped reversal candlestick pattern. Degen Maximum highlighted this special formation in a tweet, suggesting it could foreshadow further upside ahead.

The reference to the daily chart RSI (Relative Strength Index) standing at 89.71 is pointing out that Verge is currently overbought from a technical perspective.

Typically, an RSI reading near or above 70 indicates an asset is overextended to the upside and may be due for a correction.

In the case of Verge, its daily RSI surged all the way up to 89.71 during the parabolic price breakout. This signals extremely heated bullish momentum, fueling the rally.

In summary, while the exact catalyst behind XVG’s monumental 60% spike remains uncertain, the confluence of positive technical and fundamental signals formed a perfect storm to trigger such a momentous move. With tailwinds still persisting, Verge appears poised to extend gains in the days and weeks ahead.

You may also be interested in:

Check NuggetRush ($NUGX)

Sponsored: Invest Responsibly, Do Your Own Research.
Being in its ICO stage, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices
A unique play-to-earn gaming platform in the memecoin market
The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
Fosters a strong community by encouraging physical meetups among members
NFT Integration with Prominent Characters
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.


Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency