Short

Verge (XVG) Trending Downward (Private analysis by request)

Updated

Verge (XVG) is trending downward on the chart term (1 hour chart) and looking like it is going to crash on the longer term (1 day chart). Look below for the details.
* This is a private analysis by request.

- On the 1h Chart verge is trending downward.
- The MACD, RSI and STOCH are all pointing downward.
- Right now, the coin is looking to find support around the 780 level.

Look at the chart:

- On the 1d chart, verge is preparing to create what is called "a massive wave of bag holders", meaning, it is going down. According to the charts.

Look at it here:

I would think twice before buying this coin.
At least, I would wait to see until this trading day is over and decide after that if joining is the best choice.

Thanks for reading.

Note

I should've added the 1h timeframe to the main chart.

Anyways, the coin is going down just as the chart and indicators predicted. Not me, the chart said the coin was going to go down, I only translate what the chart has to say.

Many people won't want to say this because they are invested and hyped up about this coin, but once you reach the top, there is only one way to go, down. Just like when you reach the bottom there is only one way to go, up.

So, I hope you SOLD when I first posted this idea. Now, you can join back in, BUT, wait a few days until a solid and strong support is found. The reversal (to go back up) will take several days to form. So you will have plenty of time to buy back in when the time comes. In the meantime, sell the life out of this coin.

1h chart:

Note

We are really far away from the highs of 994. I would recommend staying away until this coin finds support.

Note

Support was found and this coin is now back on its original uptrend.

Trade closed: target reached

This post was an update to sell at the top. The post was a success, the coin went through its retrace and it is now back on track. If you want more information on this coin, please look for other analysis as this one is over.

Note

I explained why I don't join coins that already increase 1000%+ in price. Once a coin reaches a new All Time High, it can take several months for this top to be challenged again. Even though this trade is closed and was an analysis by request, I will do an update to help all those in need.

As usual, I will look at the charts and tell you what the chart is telling me. I will be your translator.

Note

Now, looking at the 1d chart for XVG, here is what I see:

- The first drop on candle #9, was a big drop, but nothing compared to what we are seeing now. Now, you can clearly see that this was only a consolidation day, the price went down and bounced back up and then went on to reach new all time highs.

- Today seems a bit different though. There has been negative candles for 3 straight days, and a new negative trend has formed.

- All indicators are giving signs of downward movement. MACD, STOCH and RSI.

- And the EMA30 is far lower than the current price, about 33% lower. Which means, that the price can try and reach for this support.

- Looking at the chart, there is no way to "shoot up" from here. This can only happen through manipulation. The best case scenario is a support found at the 900-950 levels and consolidation for many days. On the other hand, the chart is pointing to more downward action.

Here you can see the 1D chart:

The weekly chart isn't looking any good either, in the best scenario, the coin will consolidate until next week until something "new" or "different" can happen. In the meantime, Verge (XVG) is in the negative.

Here is the 1W chart:

Hope that helps.

Note

Here is a quick update by request:

- 1D chart doesn't look good, everything is negative and trending downward:
1D Chart:

- 1W chart doesn't look good either, everything is pointing dow:
1W chart:

Note

XVG broke my triangle downward.

I see that the indicators are showing more room for downward movement. This one as well needs more time before opening a new trade. A more clear signal of upward action... let's call it that.

Here is the daily for XVG:

Here is the weekly (doesn't look good either):

AlanSantana

🔝 Daily Cryptocurrency Technical Analysis
followalan.com

🔥 PREMIUM Trade-Numbers (6-In-1 Offer Now Live!)
lamatrades.com (Since 2017)

🚨 Free PREMIUM Trade-Numbers
alansantanatrades.com

Also on:

Related publications

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.