Verge (XVG/BTC) Gaining Support, Looking Bullish in the Short-Term By Cryptovest


Trading Analysis: Verge (XVG/BTC) Gaining Support, Looking Bullish in the Short-Term

Verge (XVG) looking strong against BTC pairing, after completing a long bullish pennant ABCDE pattern and showing a potential golden cross at 50/200MA.

After a 3 month long descent from it’s all-time high over Christmas, Verge appears to be reversing into a bullish channel after retracing to 0.786 fib levels.

Looking at a 50/200 moving average above it is clear that the token is gaining momentum, with support rallying in favour of the project’s recently achieved crowdfund target.

In the uptrending channel, key supports are found at 500 Sats and 360 Sats, with a strong resistance line at 700 Sats. This has already been tested once unsuccessfully in the channel, so volume will need to remain consistent if XVG is to break beyond and continue its bullish run.

XVG price prediction

At the time of writing, Verge is currently down -8.39% but still tracks along the uptrend line. The golden cross is yet to happen, but if good buying sentiment can continue for Verge then we could see a test of the second resistance level at 850 Sat in the coming weeks and potentially go beyond that.

This article appeared first on Cryptovest

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