Verge (XVG) Analysis - Bearish or Bullish?
Updated
Verge (XVG) is currently a very interesting coin to look at - in this analysis, I will show XVG from different perspectives, both in the short-term and long-term. Where XVG truly goes all depends on future movement, but I hope to give a general sense of XVG's position.
XVG broke downwards, stopping, as it seems, along a trend line that is roughly around some of the lower ends of the 3-hour candlestick chart. Breaking this trend line could very well mean a large sell off, especially considering the various other pressures - from up-close (15-minute chart), we can spot a descending triangle as buyers and sellers determine where to take the coin next - and, given the sharp drop preceding it, this could very well signal a bearish pennant, adding fuel to the fire that will break through the 0.00000814 BTC resistance to challenge the next few resistance lines.
On the other hand, if XVG breaks upwards from this triangle, it will likely shoot to 0.00001200 BTC. What supports this is the testing of the lower flat trend line around 0.00000870 BTC - four bounces upwards from it, which shows strength. I've also noted another price point as a tentative one in dark red - 0.000001448 BTC, as it will also be breaking from a descending channel that I believe XVG has been following - regardless, I generally think that the price will eventually shoot up to the larger, descending trend line in peach.
Finally, there is a potential for XVG to be incredibly bullish - and this is because there is a larger bullish pennant forming on the 4-hour/8-hour chart. Whether or not the potential move up will trigger the breakout of this potential pennant is unknown to me, but it is certainly something to watch out for. I don't like to talk about rumors or the success of the coin's teams since they can often be very subjective topics, but I believe a well-timed news release may definitely help the coin burst upwards, depending on how bullish it is - and some rumors have been going around... however, I want to emphasize that whether they or true or not, I prefer not to comment on how true or false they may be. Great profit can certainly be made, wherever XVG moves.
Regarding potential profit, 20% can be made on the move upwards from the triangle, and 54%-65% can be made on the long to the top of the highest trend line (warning: a little risky, may not play out). As for the potential large bullish pennant, a heft 110% can be secured if XVG makes this move up - an opportunity not worth missing!
Let me know if you have any thoughts on the analysis - this is my first time trying to show the same coin from different perspectives on TradingView, and trying to get everything in the shot, as well as making it look good, was a little tricky.
As always, trade with care. Wait for confirmation, and then enter. Good luck to all in future trades!
If you like my analysis or I helped you in any way, feel free to send a tip - any support is greatly appreciated!
BTC: 37Y9BfaRS65fAXK3swnW8EWG9NDPeF2wrM
ETH: 0x97F20b3536dB21C07691fD46e021bCDd8e49483e
XVG broke downwards, stopping, as it seems, along a trend line that is roughly around some of the lower ends of the 3-hour candlestick chart. Breaking this trend line could very well mean a large sell off, especially considering the various other pressures - from up-close (15-minute chart), we can spot a descending triangle as buyers and sellers determine where to take the coin next - and, given the sharp drop preceding it, this could very well signal a bearish pennant, adding fuel to the fire that will break through the 0.00000814 BTC resistance to challenge the next few resistance lines.
On the other hand, if XVG breaks upwards from this triangle, it will likely shoot to 0.00001200 BTC. What supports this is the testing of the lower flat trend line around 0.00000870 BTC - four bounces upwards from it, which shows strength. I've also noted another price point as a tentative one in dark red - 0.000001448 BTC, as it will also be breaking from a descending channel that I believe XVG has been following - regardless, I generally think that the price will eventually shoot up to the larger, descending trend line in peach.
Finally, there is a potential for XVG to be incredibly bullish - and this is because there is a larger bullish pennant forming on the 4-hour/8-hour chart. Whether or not the potential move up will trigger the breakout of this potential pennant is unknown to me, but it is certainly something to watch out for. I don't like to talk about rumors or the success of the coin's teams since they can often be very subjective topics, but I believe a well-timed news release may definitely help the coin burst upwards, depending on how bullish it is - and some rumors have been going around... however, I want to emphasize that whether they or true or not, I prefer not to comment on how true or false they may be. Great profit can certainly be made, wherever XVG moves.
Regarding potential profit, 20% can be made on the move upwards from the triangle, and 54%-65% can be made on the long to the top of the highest trend line (warning: a little risky, may not play out). As for the potential large bullish pennant, a heft 110% can be secured if XVG makes this move up - an opportunity not worth missing!
Let me know if you have any thoughts on the analysis - this is my first time trying to show the same coin from different perspectives on TradingView, and trying to get everything in the shot, as well as making it look good, was a little tricky.
As always, trade with care. Wait for confirmation, and then enter. Good luck to all in future trades!
If you like my analysis or I helped you in any way, feel free to send a tip - any support is greatly appreciated!
BTC: 37Y9BfaRS65fAXK3swnW8EWG9NDPeF2wrM
ETH: 0x97F20b3536dB21C07691fD46e021bCDd8e49483e
Trade active
Wow, XVG really just shot up! Preparing to look for our next move.Note
Looks like XVG hit the target of 1200 satoshis right after the breakout, and flew upwards to ~1330 satoshis following a bullish pennant - very strong during that time. XVG then broke a trend line on the ascending channel, sending it all the way to a low of ~990 satoshis.
Where XVG will go next is anyone's guess, but given the solid support XVG has made around the 1010 satoshis level, this may just be a bullish indicator... I also think that XVG has found the larger trend line on higher-level candlesticks to be strong, so I think that at the very least, if it does head downwards, it will likely bounce around... Be prepared for confirmation either way! Trade with care.
Trade active
We're breaking out again! Target around 1450 satoshis. Congrats to everyone who made this trade!
Note
Uncertain about this breakout, we may be defining another part of a different triangle - trade with caution.Note
We're going up for the moment it seems - recent tweet about Verge (XVG) being added to Korean exchange UPBIT. Considering that Verge is not listed against KRW on any exchanges, at least according to CoinMarketCap, this could be very bullish for XVG.
Trade active
It's time for what I think may be one of the last updates regarding this trade. Right now, we have moved further down the triangle. BTC has broken out, and is moving in an ascending channel. Since the channel stretches over from the 5th to the 6th, it's clear that as BTC falls, this will give XVG and other alts the push to break upwards. I am more than certain that this will happen - but of course, be prepared to set stop losses, should anything happen. Trade with care.
Note
After quite a bit of waiting, we seem to have a potential candidate for a breakout, fueled by news of an official release of the Wraith Protocol on Twitter. Volume is high, and there are some patterns suggesting bullish movement on the 15-minute chart - let's see if bulls can keep this momentum up.Note
^Especially as this could be a false breakout, should the market not yet be willing to take XVG up - but I think Wraith news is probably enough to shoot it upwards. Trade with care.
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