Verge (XVG) Will Be 100% Mined In 2 Days, How Will the Price React?
The Verge (XVG) price has bounced from the previous resistance and is currently trading within a short-term range. A breakout above this range could lead to a strong recovery afterward.
Verge (XVG) is a platform utilizing the POW mechanism, focusing on privacy and anonymity for users. An interesting development is that XVG coins will be mined 100% in the next 2 days.
Weekly Outlook
The Verge (XVG) price increased by 628% by the end of June 2023. This move helped the price break above a long-term descending parallel channel and reach a new yearly high at $0.01.
After a breakout, prices often return to confirm the previous resistance as support before continuing the upward trend.
This is the case with XVG, where the price dropped, confirming the channel’s resistance as support in the week from August 14 to 20 (green arrows), and has maintained above this line since then.
This indicates that the bulls are establishing a new floor for the XVG price, and a recovery is likely to follow.
The weekly RSI is hovering around the 50 level, not providing clear signals for the next trend. However, as the RSI approaches the 50 level from above, it is expected to provide an upward bounce.
If the recovery occurs, the XVG price could rise to the 0.5-0.618 Fib resistance zone ($0.0063-$0.0072) of the recent downtrend. This zone corresponds to a potential maximum increase of about 116% from the current price.
Short-Term Range
The daily chart shows that the XVG price has been trading within the range of $0.0031 to $0.0039 since the bounce on August 17. When trading within a range, traders often buy when the price drops to the range’s support and sell when the price rises to the range’s resistance. The XVG price is currently bouncing from the range’s support.
The daily RSI has formed a bullish divergence and is sloping upward, supporting the possibility of further increase.
Therefore, the XVG price is likely to continue rising towards the range’s resistance at $0.0039 in the coming days.
Conclusion
The most likely scenario suggests that the XVG price could recover in the next few days. The immediate target is $0.0039, with further potential up to the zone of $0.0063-$0.0072.
This bullish outlook would be invalidated if the price breaks below the short-term range’s support at $0.0031.
Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.
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