XVGBTC: Approaching Solid Entry Point
Updated
Hello all,
First timer here. Still learning but this is my thoughts on Verge (XVG) at the moment. Of course this will also be dependent on BTC's movement and the upcoming 'partnership announcement' news - both factors which could throw this way off, but nevertheless...
I'm seeing us shortly coming to the end of a 61.8% retracement , which would put us around the 960ish sats mark. From here, I'm projecting a target of around 1650 - 1750 sats. Potential profit of approx. 58%.
The retracement is also coinciding with the 100 MA, which should act as further support. And the RSI is nearing oversold territory. The partnership announcement is only a day away so this could be a great entry point. Assuming the partnership is actually solid and not a total flop, could see the fomo pushing this price up quick. On the flip side, if it's a fail which a lot of people suspect, then be sure to set a stop loss just in case.
Please be sure to leave any comments of feedback for me. Would like to know what you all think! Thank you.
First timer here. Still learning but this is my thoughts on Verge (XVG) at the moment. Of course this will also be dependent on BTC's movement and the upcoming 'partnership announcement' news - both factors which could throw this way off, but nevertheless...
I'm seeing us shortly coming to the end of a 61.8% retracement , which would put us around the 960ish sats mark. From here, I'm projecting a target of around 1650 - 1750 sats. Potential profit of approx. 58%.
The retracement is also coinciding with the 100 MA, which should act as further support. And the RSI is nearing oversold territory. The partnership announcement is only a day away so this could be a great entry point. Assuming the partnership is actually solid and not a total flop, could see the fomo pushing this price up quick. On the flip side, if it's a fail which a lot of people suspect, then be sure to set a stop loss just in case.
Please be sure to leave any comments of feedback for me. Would like to know what you all think! Thank you.
Note
So the hype around the partnership was certainly pushing this up towards the target, but then they dropped the announcement that it's Pornhub, which seems to have been a disappointment to a lot of people based on that near vertical drop.For now it doesn't look like this trade is going to happen. I'll be monitoring it for the time being. Currently sitting at sub 900 sats.
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