Verge Price Analysis – XVG/USD
The 48th largest cryptocurrency by market cap that stands at the level of $109,374,534 on December 04, 09:53 UTC, Verge has experienced downward slope since June this year however by bouncing off certain peak in the recent past that can be analyzed from the analytics above. Since both moving averages have slashed continuously which shows a negative sign. With this, the falling 20-day EMA represent the fact that the bears have the upper hand. The XVG/USD remains in a bearish trend for the time being as the strong bearish pressure has successfully dropped in the current value by 89% approx. since its highest peak on October 10. The current value traded below the EMA shows the “downtrend.” Since there are no bullish patterns that suggest a buy, therefore it is best to remain on the sidelines.
Moreover, if we analyze the XVG/USD pair remained range bound from August 14 to September 02 this year where this cryptocurrency rallied from a low of $0.0101 to a high of $0.0199 which is a 97 percent return within 18 days. Since then it experienced fluctuated trends till date. Amid this, after mid-November, it touched the “Oversold” territory as analyzed by the 14-day RSI. Based on the current scenario, the next support level can be $0.0075. Verge is a decentralized, open-source cryptocurrency that claims to offer anonymous transactions by obfuscating the IP address and geolocation of its users. The transaction is claimed to be untraceable by using technology including Tor and I2P.