Price Analysis

Verge (XVG) Bounces by Over 50% in Past 24 Hours & Hits the Year-Long Resistance

Verge partners with MobiePay to encourage an elevated way of payment and rewards along with rewards for the networkers. With this, the platform is likely to stay true to its vision, along with the collaboration of many such payment gateways like MobiePay.

The partnership is going to open many ways to use Verge and extend its avenues of getting used for the payments that we otherwise do through cash or cards.

Moreover, the Verge has just identified the right opportunity on partnering with MobiePay, as mentioned by Alex, Verge’s marketing strategist. Keeping the aims of Verge in the center, MobiePay will be the best suitable tool for the mass adoption of Verge and encourage the digital way of transacting in place of the regular or traditional one. And, the rewards are likely to be the driving force for signing up and pushing XVG coin.

Additionally, the price of XVG coin has been just startling, and the current rally is embraced by one month to Verge Halving left, which is going to take place on July 13, 2020. The concept of Verge halving is similar to that of Bitcoin Halving that took place in the previous and happens once in 4 years. However, the fundamentals of price rise before halving will stay put for XVG as well. In this regard, the 24-hour change in the price has been enticing networkers along with a push from its new partnership with MobiePay.

Verge Price Analysis

Verge News
XVG/USD Chart By TradingView

The Month-to-Date performance of Verge has been luring enough to gain additional investors to the network. It has been since the onset of the trading hour yesterday that XVG has been trading with a steep rise, and it was just when the price hit the high at $0.00794 and restored around the yearly resistance.

On the 2-hourly chart, Verge is trading at $0.00723355, with massive volatility projected. The 20-day Bollinger Bands laid on the 2-hourly chart are seen widening while the coin is retaining complete support from 50-day and 200-day MA at $0.00573 and $0.00478, respectively.

The technicals are bullish than ever as the intraday has marked over 50% rebound from trading around $0.0051—the lowest of the past 24 hours to hitting the yearly high at $0.0079. The MACD of XVG coin is holding a complete bullish divergence and has crossed above the signal line, while the RSI is in the overbought region at 70, due to increased demand.

XVG News

However, if we take a look at the 2-month chart of Verge against the US Dollar, we see that the recent spike has led the price trend to touch 61.80% Fib Retracement level and further bounce will help the coin move beyond the given level. The XVG coin is likely to face a stringent resistance at $0.0080 and $0.0085 to bullishly cross above $0.010. But, since we are just 30 days away from the halving, we are likely to see a major price pump.

As per the above chart, Verge is retaining steady support from 50-day and 200-day MA at $0.00475 and $0.00332, respectively. And, the major support line to watch out for lies around $0.0060.

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Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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