Verge Comes Under the Bearish Radar as it Corrects Downwards
Verge (XVG), at the time of writing this article, was trading at $0.00347 on Binance. The coin has lost support from the imminent daily moving averages after soaring above $0.0040 at $0.00415. XVG/USD is expected to face moderate volatility in the upcoming days. The coin is facing strict rejection above immediate resistance at $0.00415 and major resistance at $0.00424.
XVG price sets below $0.00415 after having gained the momentum and simultaneously lost the support. There happens to be a mid-session crypto market breakdown as the major coins are seen dipping, and even Bitcoin has lost the growing pace as it tests critical supports around $8.2k.
Verge Price Analysis
Analyzing the 8-hourly movement of XVG/USD on Binance, we see that currency was giving consistent lower highs in the previous month until it bottomed out at $0.003291. While facing the dearth of momentum, the price of Verge cryptocurrency had hit through all the important supports at $0.0047 and $0.0041. At the onset of the year 2020, XVG coin tried gaining the necessary pace to hit above the major resistance but was blown away at $0.00415.
The 20-day Bollinger Bands laid confirm about the moderate volatility that the coin is likely to face in the upcoming days. Also, the current trading price has lost all the support from daily moving averages as the price slides below 10-day, 50-day, and 100-day moving averages. The current price trend is also breaking through the lower 20-day Bollinger Band due to a lack of pace and support. Also, you can know more about the future XVG price forecast from our forecast section.
The other technical indicators laid confirm about the takeover by the bears as the MACD of Verge crypto is overridden by the Signal line and holds a death crossover.
Alongside this, the RSI of the coin is at $39.98 and is seen inclining towards the oversold region.