The 4hr timeframe of Verge (XVG) as captured in this analysis indicates an obvious bearish market for Verge that is relentless. Exponential moving averages 40 (in red color), 20 EMA (blue) and 10 EMA (green) are used to track price action with Verge only managing to close above all three (3) EMA’s on June 3, 2018 and July 3, 2018 as examples, while it has spent majority of the time trading under all EMA’s shown on the chart.
The most powerful use of a moving average is its slope and all three EMA’s with a descending, falling slope does not bode well for Verge (XVG).
~0.00000240 is indicated in this analysis as a likely price level where Verge (XVG) can find support, which is also the price low achieved on May 11, 2018.
The relative strength index (RSI) as shown here indicates that bearish momentum is running out, in disagreement with the message conveyed by the EMA’s. Daily momentum (not shown here) however does favor XVG bears, so it is better to be patient for further development in price action before taking any position (long or short).
Alternatively, staying away from trading or investing in XVG would suffice. The RSI moving above its current bearish trendline (in blue) would be nice to see as further confirmation for the initiation of a long(buy) position.
~0.00000428 indicates a price level to possibly watch out for entry into long (buy) positions. Another option is to wait for price action to close above the top of resistance at ~~0.00000574 before initiating a long (buy) position. The former is considered less conservative than the latter.
Verge (XVG) breaking below ~0.00000240 perhaps does suggest retracement back to 0.00000000.
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