Verge (XVG) price has been melting faces since last week. The privacy coin surged 149% last week and is up 30% on Monday. The latest analysis suggests a reclaim of a key level can unlock another massive rally for Verge crypto.
On Monday, cryptocurrencies are showing minor gains as BTC price is trading above $30,500. Till press time, Verge coin was changing hands at $0.0053 after rising 30% during the first trading session of the week and maintained a bullish outlook for the day.
The latest Verge news reveals that Binance has reversed its decision to delist many privacy coins in Europe. This news caused a surge in XVG price and triggered a short squeeze. During such moves, traders who have short positions get liquidated, creating upside pressure on price.
Nevertheless, while Verge coin appears to have evaded the Binance delisting for now, its fundamentals still remain questionable. Before the recent price surge, the community interest in the project was at its all-time low. Therefore, it might not be a good idea to chase the price after a 180% pump.
The technical analysis reveals that the Verge price chart is retesting a very key resistance level. This is the $0.0045 resistance level. Even though the price has broken above this resistance, it needs to close a week above this level to make XVG price prediction even more bullish.
A reclaim of $0.0045 may propel the price to its next resistance level of $0.015, which is almost 300% above the current price. The borders market sentiment and the BTC price action will also play a very significant role in this regard. If the biggest cryptocurrency fails to break above $31,000 anytime soon then altcoins may suffer a lot.
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This post was last modified on Jul 03, 2023, 08:45 BST 08:45