XVG Technical Analysis: Wait and Watch Approach Seems Best for the Next 24 Hours


Verge is an open-source blockchain project designed for everyday users. XVG, the native currency of this network, can be used for making payments of routine or daily expenses. It is highly secure and provides easy-to-use software customized as per daily requirements. The XVG technical analysis is as follows:

Past Performance

On April 17, 2021, XVG started trading at $0.067. As of April 23, 2021, XVG closed at $0.045. Thus, in the past week, the XVG price has declined by roughly 33%. In the last 24 hours, XVG has traded between $0.043-$0.046.

XVG Price ANalysis

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Day-Ahead and Tomorrow

Currently, XVG is trading at $0.045. The price hasn’t increased from the day’s opening price of $0.045. Thus, the market seems neutral with equal buying and selling pressures.

The MACD and signal lines are negative. Thus, the overall market momentum is negative. However, a bullish crossover by the MACD line over the signal line has occurred. Hence, we can expect some intermittent price rises amidst a bearish trend as a part of the price correction process. Moreover, both the lines are close to the zero line and may change signs in some time. So, a trend reversal may be on the horizon.

Currently, the RSI indicator is at 62% and continues to rise. Thus, buying pressures are higher than selling pressures. High buying activity will push the XVG price upwards.

The A/D indicator has fallen steeply. This implies that whale distributions are higher than whale accumulations. Thus, selling pressures are high. In conjunction with the other two oscillators, we can say that the overall price trend is bearish, but intermittent price rises are likely to occur. We have to wait and watch if a bearish trend reversal occurs as the day proceeds.

XVG Technical Analysis

As per technical analysis, currently, the price is below the Fibonacci pivot point of $0.0447. We have to wait and watch to see if the price breaches this point and surpasses the first resistance level of $0.046 or falls below the first support level of $0.043.

The price has fallen below the 61.8% FIB retracement level of $0.0449 and is soon expected to fall below the 50% FIB retracement level of $0.0445. By day end, if the price falls below the 23.6% FIB retracement level of $0.0437, then the downtrend is strong and likely to continue tomorrow as well.

 
 



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