I drew a descending channel, resistance and support levels, for Verge (XVG) about 20 days ago. The coin has been trading within this descending channel and the support level has been holding strong.
This support level mentioned above sits around the 600 satoshis (0.00000600 btc). Which is also the EMA90. This level can hold longer, but it can also break. For now we are going sideways with bearish tendencies, which is normal as this coin is on its correction / consolidation phase. (You can see all this in my old trade idea in the updates section below).
I believe this level will be broken, If this level breaks, you can expect XVG to test the next one and then the next one. For now we focus on the next one, for me which is around the 450 satoshis (around because it can be higher or lower, but near this price).
I also added a new resistance line around the 930 satoshis level. This is a strong resistance, smaller resistance will be faced if Verge decides to shoot up.
To trade this coin, please stay on the sidelines, watch from afar. The market is correcting, so is Verge, so there is high probabilities of the price going lower. The indicators on the chart are also bearish, which points to down movement.
There are no bullish signals on this chart. So wait until a bottom is reached / support is found, wait for the accumulation period, and then Verge can start its next run. This whole process can take several months to be completed.
For any questions please feel free to use the comment section below.
Thank you for your support again...
With much LOVE, from me, to YOU...
Namaste.
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If you want to take a quick look at my old Verge (XVG) trade idea, just click on the image below, you can confirm the details described above:
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Verge is now fighting resistance at the 633 level. If this level is broken and close above it, this can signal positive things to come; a breakout.
Now Alan is back and posting. To me that says Alan thinks btc is stabilizing/stabilized. But thats just my opinion I am probably wrong :-)