Price Analysis: Verge (XVG) Races Past Bitcoin (BTC) Equivalence, Crosses $0.007 Resistance

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Verge (XVG) price has ascended beyond its previous $0.007 resistance point, forming a new support around $0.008. Trading higher than Bitcoin (BTC) in the market today, Verge’s value has correspondingly raced past its previous BTC equivalence, and it remain well placed in a positive zone with greater expectation.

Points

  • Verge (XVG) raced past its previous 0.00000179 BTC support level, reaching 0.00000217 BTC.
  • XVG/BTC has escaped a major bearish trend line, touching the 0.00000217 BTC resistance point on the 24 hours chart.
  • After exceeding the $0.007 resistance mark, it is envisioned that Verge (XVG) will continue to maintain its tempo on the rising wedge.

Observing the altcoin’s trend line in the market chart today, XVG value against dollar was steady around $0.0075, before it ran into an upside tempo that heightened its price around the early hours of the European trading session today.

Even though the price of altcoin witnessed a massive plunge, falling to around $0.0064, XVG value later broke above the 78% Fib retracement level of the decline while on the upside trend.

Afterward, the price of trade pair XVG/USD spiked above $0.0075 resistance, reaching $0.0084, and the 100 simple moving average stood below the 200 simple moving average.

However, the price of the altcoin failed to hold a strong support around $0.0084 resistance level, as it begun to drop after touching the ceiling.

More importantly, there is a major bullish trend line that spiked the value of Verge (XVG) above its previous 0.00000179 BTC support level ($0.0075) on the 4-hours chart, raising its price above the previous BTC equivalence.

Although, the trend line of XVG is at the moment facing the south, but it is yet to drop below the $0.008, as there seems to be greater potential that the altcoin will soon return on its upside trend with the aim of scaling past $0.008 resistance level.

Market data provide by TradingView.

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