Introduction
Verge XVG is a cryptocurrency that has been trending downwards in the past few months. However, Verge seems to be recovering and forming bullish patterns which may lead to a price surge soon. Investors should wait for the price of Verge to close above $0.03 before taking an active position on this cryptocurrency.
Like other cryptocurrencies, Verge is moving in its lower zone with the current price of $0.017. The coin recovered and formed a lower peak at $0.03 but couldn’t move much higher. It is trailing at its support line with a nominal price move. Verge traversed the up-trend line and sloped down after being tested at the trend line.
In a period of 1.5 months, the bears constantly pushed the price lower. A robust bullish pattern can be formed once the price suppresses the up-trend line and closes above it.
The MACD line is above the signal line on the daily chart, which gives the coin a bullish signal. The green candles have also begun to form in the histogram chart. The RSI indicator at 49 is currently neutral, but it is expected to lead towards the overbought zone.
Verge XVG Boosted with Bullish Candle Formation
The price has uplifted from the down-trend line, and after moving sideways, it boosted with bullish candle formation. The volume has not yet shown a favorable indication for bulls, but there will be bullish volume once the price surge.
In the past 3 days, higher high candles have formed, trending towards a bullish pattern. The weekly chart tested the price at the support line but failed to trend down. Bullish candles have formed after crossing the edges of the down-trend line.
Investors should wait for the price to close above the high of the previous week’s candle. If the price surges, the minimum target can be expected to be $0.03, and if the coin falls below the support line and deteriorates, it may reach its low of $0.003.
