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Verge (XVG) Price Analysis – Verge Creates Higher High for February 2019 – Are the Bulls Now Aiming To Break Above $0.007?

Verge Analysis

Price Analysis

Verge (XVG) Price Analysis – Verge Creates Higher High for February 2019 – Are the Bulls Now Aiming To Break Above $0.007?

Verge Price Analysis

 

Verge has seen a small price increase totalling 3.31% over the previous 24 hours of trading, bringing the current market price up to around $0.0064955. The market has now seen a further 7% price rise over the previous 7 trading days.

Verge is ranked in 50th position in the market cap rankings as it currently holds a $96 million market cap valuation. The 52 month old project now trades at a value that is 97% lower than the all time high price.

Let us take a look at the XVG/USD market and highlight some potential areas of support and resistance moving forward.

 

XVG/USD – SHORT TERM – DAILY CHART

Verge Analysis

https://www.tradingview.com/x/tvKAeKCh/

 

Taking a look at the XVG/USD market above we can see that the Verge market has consistently been falling over the course of 2019. The market had recently found support at the short term .886 Fibonacci Retracement level (drawn in green) priced at $0.005551, toward the start of February 2019.

After reaching this level of support we can see price action had rebounded and surged into resistance at the short term .618 Fibonacci Retracement level (drawn in green) priced at $0.006459.

In the most recent trading session, we can see that price action has penetrated above this aforementioned area of resistance as it nowt trades at the $0.0064966 level.

The market trend is currently bullish in the short term after creating a minor higher high. However, we would need to see price action break above $0.007 before confirming a solid bullish trend.

Looking ahead, if the bullish momentum can persist to push XVG/USD higher, we can expect immediate resistance to be located at the short term .5 Fibonacci Retracement level (drawn in green) priced at $0.006858. Further resistance above this can then be expected at the short term .382 and .236 Fibonacci Retracement levels (drawn in green) priced at $0.007258 and $0.007753, respectively.

If the buyers can continue to break above the $0.0080 level, we can then expect higher resistance to then be located at the bearish .382 Fibonacci Retracement level (drawn in red) priced at $0.008689. This bearish Fibonacci Retracement is measured from the November 2018 high to the December 2018 low.

Alternatively, if the sellers regroup and begin to push price action lower, we can expect immediate support to be located at the short term .618 Fibonacci Retracement level (drawn in green) priced at $0.006459. Further support below this is then expected at the short term .786 and .886 Fibonacci Retracement levels (drawn in green) priced at $0.005889 and $0.005551, respectively.

If the sellers continue to push the market even further lower we can then expect more support at the previous long term downside 1.618 Fibonacci Extension level (drawn in blue) priced at $0.005324.

The RSI has recently popped up above the 50 handle which indicates that the bulls have a recently taken over the control of the market momentum. If the RSI continues to rise, we can expect XVG to continue to make positive price movements higher.

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