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Verge (XVG) price has been on an exponential trajectory since last week. I predicted this pump in my last week’s analysis. The privacy coin has pumped 460% within just 3 weeks and the price is still looking strong. The latest analysis shows that Verge crypto is consolidating before another major move.
On Monday, altcoins are experiencing an increased selling pressure as BTC price is still hovering around $30,000. Verge (XVG) price has also slid 3.04% today as the coin failed to reclaim a major level. A reclaim of this level can unlock a huge upside for XVG.
In the past few weeks, Verge has been the best performing digital asset among the legitimate cryptocurrencies. The trading volume of the coin has surged on almost all major exchanges, which shows that the demand for the asset has increased.
However, I highly doubt that the ongoing pump is sustainable as the rally has gone parabolic without any significant pullbacks. If BTC price undergoes a huge correction, I see the XVG price to tank very hard. Nevertheless, if the price reclaims $0.008 level by closing a week above this level, another bullish leg might be triggered.
The latest analysis of Verge crypto price chart shows that the price is consolidating around a key resistance level of $0.008. A weekly closure above this resistance can send the price to weekly swing high that lies at $0.016. This will be a potential 100% price increase from current level.
Considering the daily chart, XVG price prediction will remain bullish as long as the price holds $
$0.022 level. Only a daily closure below this level will confirm the shift in market structure from bullish to bearish. The RSI and MFI indicators are showing bearish divergences, signaling at least a short term pullback. A lot depends on the BTC price action. If Bitcoin breaks below $30,000, I expect a strong sell-off in altcoins.
In the meantime, you are also welcome to follow me on Twitter to keep track of my personal crypto trades and the updated Verge analysis.
This post was last modified on Jul 10, 2023, 10:10 BST 10:10