Moving on the graph, XVG has retraced roughly 50% just like it did in most of its previous runup. This is why I do believe that it is nearing its completion of the sell off phase from this runup. We might see it move sideway for a day or so before it takes off. has retraced from overbought and is currently hoovering at mid 50%. The rejection at the low 1000 sats indicates that there are still more buyers vs sellers. and that verge is not done with its runup just yet. ALthough the time frame that I am looking at is showing divergence on the , the lower time frames (15mins,30mins,1hr, etc) are all starting to show . is a delayed indicator so the would take some time before moving onward to the higher time frames. Anyways, my first TP is roughly within the 1700sats range. I do believe that we will blow right through this given how Verge has been from the announcement hype + the early bull market reversal that most ALT + BTC are showing. My second TP is roughly 2300 sats .
This is not investment advice, this is just my take on Verge's chart. Happy investing all!
XVG is trending towards the first support line (indicated by the white lines). It has bounced off this support line numerous time as you can see on the graph. The question is will this bounce be the continuation of verge's runup or will it just allow verge to bounce just enough to continue moving sideway in preparation for the next leg up. I will be keep a close eye on verge's movement especially since the announcement is just around the corner.
Happy investing all.
Seems like the bounce was a continuation of verge's sideway movement which was one of the two scenarios that I thought could have played out. The continuation of the sideway movement is nearing its completion with the ABCDE setup. If the support line still stands valid as point E is being form/formed then we should see a bounce up.
On a side note, there is a rumor that is going around indicating that Verge maybe partnering with FlipMart (https://twitter.com/hashtag/BigOnFlipkart?src=hash) since they are also having an announcement on the 17th of April. Like I said this is just a rumor so take it with a grain of salt.
Seems like we were able to bounce off the support line at point E, although we did breach the support line. But all that matters is that the body closes above and that the following candle would be closing above the support line also. This is on the 1hr time frame. Like I just mentioned, we would need a green candle to close above the support line to further indicate that the support held. As I am typing this, verge is attempting to break out of the upper limits of the flag! Anyways, happy investing all.
This did not go as expected despite verge pushing out of the upper flag limit multiple times as seen by the multiple candle wicks extending beyond the line. There has been FUD going around claiming that XVG's developer is selling the donated verge for ledgar payment etc. As said, rumor will be rumor. Regardless, the ABCDE correction didnt go as but the support line held up and it seems like we are bouncing right off it fine. There are still 3 days left till the announcement so I am still expecting another leg up.