Home Cryptocurrency Verge Technical Analysis: March 01, 2019

Verge Technical Analysis: March 01, 2019

Verge offers quick transaction settlement times over its blockchain of around five seconds, and it already offers multiple secure mobile wallets, including the Tor Android Wallet for mobile anonymity. The price of Verge has been trading in $0.0060-$0.0070 range for a while and according to technical analysis, the downtrend is still very strong. The first strong sign of recovery for Verge could be if the price jumps above $0.05 but the future price of Verge (XVG) depends solely on the success of the Verge network and the adoption of its technology by developers, programmers, and start-ups. The price of the Verge is still very low and for every dollar, you put in, you can acquire more than 160 units of XVG. I found out that lots of analysts agree that the upside is massive but the risk is extremely high ( this is also my opinion). It’s also important to consider the competition Verge will face from other companies operating in the same sector. Although the price can weaken even more putting a reasonable amount of money into XVG could potentially turn out to be a very good investment.

Technical analysis

The price of XVG currently stands around $0.0060 which is still far away from the XVG price predictions. This is a still very risky cryptocurrency but some analysts believe that the end capitulation is right around the corner and that the current situation could be a very good opportunity for the investors. On this chart, I marked resistance and support levels. Resistance levels are $0.05, $0.1, $0.15 and $0.2, $0.0050 represents the current support level. It is important to say that the highest price of this coin was $0.3 and according to analysts this level could be reached again. If the price jumps above $0.1 it would probably reach $0.15 in the short time period. If the price jumps above $0.15 we have an open way to $0.2.

Recommendation: XVG has short-term resistance areas at $0.01 and $0.02, and it would take a break above this last to confirm a new leg higher towards the $0.05 level. If the price jumps above $0.1 that could be a very good opportunity for the short term traders, short-term traders can put the stop loss at $0.08 and take profit at $0.15 or above.

 

 

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