Verge Price Loses Stability; Trades a Little above Key Support Level

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  • XVG has recently formed a support level at $0.0023; quick short term recovery can be anticipated
  • The coin has formed a bullish trendline overnight that has been breached with the plunge below $0.0023
  • Downside correction has again hit the Verge price after it remained firmly above $0.0024 for a couple of days
  • Technical indicators are in the bullish zone despite the recent price fall

The crypto market may see drastic price movements yet again this month as over the last day, Bitcoin has noted a decline of more than 6%. Resonating to the same, many altcoins have sensed a decline of 2% to 8%. However, XVG coin’s price drop has been halted after it went down by 3.53%.

5 days ago, Verge cryptocurrency was trading on a sluggish note, and it traded as low as $0.0022 in the first half. Here, it saw a support level to start a recovery, and the price went above $0.0025. After an initial correction on the next day, it held a tight grip over the stable zone.

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XVG/USD Chart By TradingView

The XVG coin kept consolidating for the next couple of days, and it was yesterday when it went above $0.00255 to test resistance at $0.0026. Later, the currency started to correct down, but before the closing time, it attempted to strike one more bullish spike. However, rejection pushed the price of the Verge coin below $0.0023.

Now, the coin is on the way of recovery and is trading at $0.0024. Here, the moving averages are in the bullish zone while the coin is set to move above the 200-day EMA line. RSI of the XVG coin is at 47, noting a stable zone while MACD has just formed a bullish crossover.

Ruti Vora

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

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