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Vikram
Mar 26, 2022
by Vikram

XVG Technical Analysis: Sellers at 50-day EMA Reject Breakout Rally

XVG
XVG coin price outgrows the descending triangle pattern, but the breakout rally shows higher price rejection near the 50-day EMA.

Key technical points:

  • XVG coin price struggles to surpass the $0.011 horizontal level.

  • In addition, the 50-day EMA acts as a barrier to the breakout rally.

  • Finally, the 24-hour trading volume of Verge is $3.44 Million, marking a 60% fall. 

    • Past Performance of XVG

    XVG coin price shows a bullish recovery from the $0.008 mark resulting in the long-coming resistance trendline breakout. However, the 50-day EMA fulfilled the retest demand by the higher price rejection candles. Nonetheless, the post-retest rally surpasses the 50-day EMA with a 4.87% recovery in the last 24 hours. 

    TradingView Chart

    XVG Technical Analysis 

    XVG coin price shows a bullish engulfing candlestick taking shape near the $0.011 mark. Hence, the post-retest rally is ready to ignite if there is no higher price rejection observed later today. 

    Verge token trades slightly higher above the 50-day EMA, but the price action confirmation demands a closing above it. Hence, traders eager must wait for a minimum higher price rejection risk.

    RSI Indicator: The RSI slope grows from 40% to 57% within a week, reflecting the boom in the buying pressure. Moreover, the 14-day SMA provides support to continue the uptrend.

    MACD Indicator: The MACD and signal lines race towards the zero mark in the daily chart with the increasing bullish spread after the recent merger. Hence, the indicator projects growth in underlying bullishness.

    In short, the XVG technical analysis projects a potential retest rally reaching closer to the 100-day EMA.

    Upcoming Trend 

    XVG coin price shows a boom in buying pressure projecting a successful retest of the broken trendline. Hence, the retest rally could approach the 100-day EMA shortly, resulting in the $0.012 breakout. 

    Support Levels: $0.010 and $0.008

    Resistance Levels: $0.012 and $0.015

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    Verge XVG
    XVG Technical Analysis: Sellers at 50-day EMA Reject Breakout Rally
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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