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.

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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.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency

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