The Verge (XVG) price has risen nearly 600% since June 15. The rise accelerated on July 3, leading to a new annual high.
XVG price is currently trading at an important short and long term horizontal resistance level. Whether it emerges from it or declines will be critical in determining future trends.
The weekly time frame technical analysis for XRP provides a bullish outlook for several reasons.
XVG price seems to have broken from the $0.0018 horizontal area at the beginning of June. This is an important place because it previously provided support since May 2017.
Therefore, the collapse from it is considered a decisive development that can lead to a sharp sale.
However, the breakout turned out to be illegitimate as the XVG price reversed immediately (green circle), creating a series of bullish weekly candles.
At the beginning of July, the price of XVG broke out from a downward resistance line that was in place for 784 days. When combined with the deviation and retracement, this confirms that the price of XVG has started a reversal of the trend. a trend It’s a trend and a change.
The weekly RSI also supports a continued uptrend. The RSI is a momentum indicator that traders use to determine whether a market is overbought or oversold and to determine whether to accumulate or sell an asset.
Readings above 50 and an upward trend suggest the bulls have an advantage, while readings below 50 indicate the opposite. The RSI is above 50 and moving upwards, indicating that the trend is strong and the rise will continue.
The daily time frame shows that the XVG price has increased by almost 600% since its yearly low on June 16. It is running the entire cryptocurrency market at this time. The increase was further accelerated on July 3.
In the last 24 hours, the XVG market cap has more than triplebringing the coin to the top 250 based on its market capitalization.
This huge increase also led to a significant increase in trading volume. The 24-hour trading volume for XVG is at $450 million. This puts it in the top 10 coins in total trading volume, ranking in the top seven if stablecoins are removed. This is remarkable for a coin that is ranked #249 by market capitalization at the time of writing.
XVG price is currently trading at the $0.0090 resistance area. It is a short-term and long-term resistance, which increases its importance. Therefore, if the price of XVG breaks out of this, it can increase almost tenfold to $0.0900.
However, Verge’s price was rejected at the first breakout attempt, creating a long high wick (red icon). XVG may fall to the 0.618 Fib retracement support level if the rejection continues at $0.0046.
In conclusion, if the price of XVG breaks out above the $0.0090 area or is rejected the future trend can be determined. A significant rally to $0.0900 could happen in case of a breakout.
However, if the XVG price rejects, a short-term pullback to $0.0046 could be on the cards.
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In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions may change without notice. Always do your own research and consult a professional before making any financial decisions.
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