Price Analysis

Is Verge (XVG) Marching Towards a Bullish Weekend?

While the pandemic is still not stopping its rise of the death toll in many major economies, a few countries are slowly lifting the lockdown. Because of this or just because the market is desperately waiting for a bullish cycle, the coins are seeing an escalation in their prices these days.

As April came to an end, Bitcoin’s price jumped from $7900 to $9301, noting a weekly high price mark. This also happens to be a one-month high price level for the coin. Once again, the leading coin has increased investor’s hopes; let’s see where it takes the whole market this time. Following BTC’s lead, XRP too has managed to trade above $0.21; the altcoin went above $0.23 just yesterday, hitting a monthly high price level.

Verge Price Analysis

In order to maintain its pace, XVG coin has attempted to target the $0.0034 price level though it faced rejection at $0.00335. The coin had risen from $0.0028, with an increase of 17.75%. Before that, Verge kept spending the week on a bit lazy note around $0.0029.

Verge News
XVG/USD Chart By TradingView

However, after the price rise, the following price corrections have decreased the intensity of bulls. The pullback has cost it a loss of 12.53%, which is why it came down to the price range of $0.0029 today morning. The XVG coin is holding a stable RSI while the MACD chart has just formed a bearish crossover.

Verge Price News

Showing a bit of contradiction to its first chart, Verge holds a bullish technical indicator in this one. The moving averages are in the positive zone as the 50-day SMA line is above the 200-day SMA line. Here, the XVG coin has just traced a dip below its 61.80% Fib level, and now, the coin is trying to drift the trend above the 50% Fib level. Moreover, the Bollinger bands are slowly coming back to stability after it saw quite a bit of volatility on the positive side.

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Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on world's leading digital currencies. She holds graduate degree in journalism.

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