Verge (XVG) +4090% to $8.25 in 13 days
Updated
It's difficult to share this post, as the gains are very high. Please take it with a grain of salt. I am only showing you what the charts show me. I personally lost faith in XVG when the WRAITH PROTOCOL delivery date was missed for the third time. However, keep in mind that the build up to this point is what will make or break this coin.
The interesting part is that we've already touched on the 61% fib retracement line, meaning the correction is complete. Things have just been consolidating and forming a very large bullish flag, or maybe a very tight and extended pennant.
I'll post some immediate updates to show zoomed in versions of this analysis. See below.
The interesting part is that we've already touched on the 61% fib retracement line, meaning the correction is complete. Things have just been consolidating and forming a very large bullish flag, or maybe a very tight and extended pennant.
I'll post some immediate updates to show zoomed in versions of this analysis. See below.
Note
Here is the 4h zoomed in version showing the large bullish pennant (purple triangle area).This could be a bullish flag if you used the wicks of the candles on the lower level, however, if you look closely, you can see the wicks also draw a pennant, so we'll just use my pennant for the drawing.
This has been quite the roller coaster and at $0.18 with a target of $8.25, this one may be worth sitting on for 2 weeks.
Set your stop-loss, because if it breaks downward, it may be the beginning of the end for Verge (XVG).
I'm not sure where the stop-loss should be at this point, but I'd probably consider the 61% fib retracement line as a good stop.
I really miss trading on Meta Trader with BTC-e. It was nice to be able to set trailing stops, where your stop loss would move upward as the price moved upward and this gave you the benefit of not falling too far behind and coming out in a profit when the stop is hit after a rally and retrace. One of these days a good exchange will add these features.
Note
Here you can clearly see the flag pole (blue line with arrow) and the bullish pennant (purple triangle).Note
Just want to explain this chart. Look at the original chart. It's a large bullish pennant. The pennant signals that the height of the flag pole, will be the height of the next wave. Box on the left shows +4090% movement. Box on the right, is the same +4090% movement. I'm not projecting anything here personally, just showing what the chart shows me. Personally, I don't have much faith in XVG. However, they did finally release the windows version of WRAITH PROTOCOL and MAC and Linux versions should be available very shortly. Once they are in full release, this may start to capture more adoption since it is providing a high privacy solution which allows you to hide your transactions and IP addresses within the protocol.
So, while I am not certain it could do this, it's plausible if the market decides they want it and people move over from XRP and ETH in favor of privacy. If XVG stole just 50% of market cap from XRP and ETH, it would have the market cap to meet the $8 target.
I hope this helps explain how I built this chart and the target.
Note
We've broken out of the bullish pennant. I'm looking at taking my first 48% from this phase.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.