Technical Analysis on Verge (XVG).
A few things have happened since Sunerok showed signs of life on twitter recently. Price action has done well to find support at the key 38.2 fib level (846 sat). As we move forward the next few days I want everyone to keep this level in mind as a mental stop loss (I am not suggesting you place a hard s/l here). Currently XVG has broken into the kumo and based on the increasing buy volume I expect it to try and perform a bullish kumo breakout in the near future (next few days as wraith is released). We can see that the bottom of the kumo has flattened out, this is usually a strong sign of support and will outline potential re-entry targets for those of you who missed the boat or are trying to jump on. If we look at the green trend line we see price action fell briefly below it as a shake out of weak hands and panicked investors worried about wraiths legitimacy.
Therefore, I expect XVG to break above this level shortly and test the first resistance of the Kijun-sen at 1371. The next resistance level of 1470 sat closely relates to the 78.6 fib (1496). Once these resistances are broken I expect a retest of XVG’s ATH of 1840 (candle close) with a target of 2.5k sats as the first level any serious profit should be taken. While I’m not an oracle and don’t claim to be one. I do expect XVG to test 50 cents and 1 USD fairly soon upon wraiths successful release.
Optimal Entry: 1000 sat
Likely Entry: 1000 – 1040 sat
Optimal Profit: 2.5k+
Interim Targets: 1450, 1800, 1999
S/L: 650 (below previous horizontal support) OR 600 (below the 23.6 fib in case of a sharp wick)
Trade on Binance. Where the fees are only 0.05%.
If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
Bitcoin Wallet (BTC) : 15BWZcjRhPQRxYqxvom43ghdePVHfGjkCx
Ethereum Wallet (ETH): 0xc86e12c3492915a8866be7f2f1cb18c4046913c9
Litecoin Wallet (LTC): LgY3GQpaT997VXKhkHSoerLXGCGMsewfUm
@cryptochindian Great finding articles/charts like this right after getting in today around 1050 a little high but holding til end of Jan hopefully catching this next bull run! Threw you a follow, happy profits everyone
Been having similar thoughts on XVG. However I have few doubts.
What I see is huge retrace, and levels on 1000 - 800 being between 0-26.8 FIB move from the huge support it has around 600 satoshi. From this perspective, entry on anything above 1000 satoshi is extremely ambitious.
I’ve been hodling XVG since it is 50sat and it is pretty amazing price now I can just cash out and earn like 2000% but i’ll keep hodling as I am a terrible trader. But I really like Verge a lot as a privacy coin it can go further and I think it is still undervalue
Omg!! Congrats! What made you buy it when it was 50 sats? That's such a good home run! What you could do is stagger your sells. Like sell half first and half later, that way you don't lose if it falls, as you have taken profit
Haha yeah I hope it goes to USD 1 too!!
What other cryptocurrencies are you holding at the moment?
Errrmm I’m just gonna hold until end 2018 or 2019 heheheh. I’m holding digibyte too, been on a good run lately
Pro la you :p
The only reason I don't like Verge is that John McAfee is associated with it.
Honestly, I am not a fan of John McAfee, so I would say never buy a shitcoin based on someones recommendation. DYOR.
thanks your ınformations