verge-cryptocurrency-coin-xvg-technical-analysis

Currently, Verge is one of the cryptocurrencies that are pretty low in price. So far, it has shown the ability to go up to $0.26, which was experienced in December 2017. Since then, it crashed like all the other cryptos, with its price finally stabilizing at the current value of $0.07.

Following the latest change in the market, Verge has gone through a drop against the dollar, which means that XVG just went down for -4.48% against this fiat currency. In addition to the mentioned drop, XVG is also trading in the red against BTC for -4.08%.

[cryptocurrency_widget type=”box” symbol=”XVG~USD” template=”basic” color=”blue” flash=”1″]

After bottoming out at the $0.02+ level back in mid-March, XVG witnessed a steady rise in the month of April preceding its major announcements which led to an incredible 6X in its average daily volume. However, since the last experienced rally, things seem to be stagnant on the XVG charts. We’ll take a closer look at XVG from a technical perspective.

Verge (XVG) Technical Analysis

The Q1 of 2018 saw many changes in the crypto world. A lot of cryptos gained an unimaginable popularity, but it was obvious that not that many of them reached the same heights as XVG. The prominence of this coin has helped a lot, and despite the fact that the market saw some troubles in April, XVG still managed to grow.

As we can observe from above, XVG appears to have put in a bottom in March at the $0.023 level and was progressing smartly into the mid-April major announcement where XVG witnessed a 350% upward movement out of its lows. Thus, for the time being, XVG remains in relatively decent technical shape with the coin trading above its 20/50 and 200-Day moving averages, respectively. Therefore, we look forward to seeing XVG trade above the $0.110 resistance level, while we maintain the $0.058 support level before any further progress is attained.

More positive news is expected to be released by the team.  The Verge team is planning to launch a new debit card which will allow easy spending of the asset. This is also expected to bring some positive developments to the currency, which currently remains somewhat subdued. The price is mostly down due to the lack of buying. Since the volumes regarding both, selling and buying, the price seems to be stable, which discourages users from buying more.

However, it is expected to see Verge surging once the cards are officially issued. At the same time, XVG will be entering a radical mass adoption phase, that way being sky-rocketed as a result of being used globally for payments solutions.

After the latest change in the market, Verge can be traded at the price of $0.07+ per one unit, which is still far from its all-time high of around 0.22$ per one XVG as recorded back at the end of December of 2017.

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