Will the Verge hard fork push XVG’s price to a level as high as in 2017?

The Verge hard fork will take place on block number 3.7 million, around mid-December 2019. And from a few weeks ago, around November 14, the XVG’s price began to fluctuate. The coin is continuously shifting in the range from $ 0.00351466 to $ 0.0048607. There are sometimes even increases to $ 0.007474.

The Verge hard fork is coming to town

Verge will implement a new hard fork, which will allow XVG to maintain a suitable protocol and make mining companies profitable because this update affects supply distribution. That supply affects the price of XVG significantly.

Bitcoin market analyst Bitcoin Jack emphasized that the current XVG’s price is related to the growth in 2017. At that time, XVG’s price increased from about $ 0.00396281 to $ 0.14954 in a few weeks – about 37 times more. However, after that rally, XVG’s price dropped rapidly to 97% of its value.

The price of XVG may have bottomed out

In early August 2019, the price of XVG hit a low of $ 0.0024674. This was combined with the lowest weekly RSI value ever recorded at 25. This is an indication that the market cycle may be near the bottom.

And as expected, XVG’s price began to increase rapidly on November 14. The coin has risen about 50% in just two days, reaching the resistance at $ 0.00486005. Price has also broken out of the previous resistance zone at $ 0.00351466. Trading volume increased significantly. Now, XVG is trying to flip the area and make it as support.

If the price of XVG can do this, the medium-term target for the top of the third wave will be at $ 0.007474. With the $ 0.007474 resistance area, XVG is making it a likely place for the price to reverse.

At the conclusion, the price of XVG has begun to rise and is currently in a correction phase. If it manages to exit, it can reach $ 0.007474.

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