Hey friends, hope you are well, and welcome to the new update on Verge coin.
Reached again at key level resistance:
The price action of Verge has reached a $0.019 resistance. This is a very key level and final resistance on long-term, because, after this, there is no significant resistance up to the highest price in the history of Verge.
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Big up-channel resistance:
On the long-term weekly chart, the price action of XVG has reached the resistance of an up-channel. The previous week’s candlestick was not able to close above this resistance but the new candle has been opened above the resistance of this channel. If we will have the closing of the current week’s price line above the channel’s resistance then it may start a big move towards the previous highest price. Otherwise, the priceline may re-test the support of the channel again.
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Step by step movement:
On the daily chart, we can observe that after every rally the price action is getting retraced and then starts the next rally to the upside. After the recent rally, the price action has been retraced between 0.382 to 0.50 Fibonacci level. In the meanwhile, the priceline is also using an exponential moving average of 21 as support.
A big bull cross of SMAs:
On monthly time period char, the price action of Verge currency has crossed up the simple moving averages with the time period of 7 and 25. The 7 SMA has also formed a bull cross with SMA 25 that is a very big bullish signal.
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Conclusion:
At the moment in the long-term, the priceline of XVG is struggling with two major resistance levels. One is $0.019 price level resistance and the other one is the resistance of an up-channel. If the prcieline will breakout these resistance levels then the XVG can lead the bull market of all cryptocurrencies including Bitcoin.
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