Verge / BitcoinShort
Going to Zero?
Updated
Technicals:
Taking a look at XVG for a friend and I don't see anything good going for it. At first it looked like it was developing a nice broadening wedge reversal, but it needed to hold above 46 Satoshis.
There's no bullish scenario for XVG without the log-scale, but XVG seems to move logarithmically, so it could have nice run up to 490 Satoshis. But with it currently being 36 Satoshis at the time of writing this, I don't see XVG even breaking 60 Satoshis.
And with a triple top rejection against the dollar (and a huge bear flag), as well as XVG currently falling below its major support against Bitcoin, XVG may see sub-cent and single Satoshi levels.
It's been going down and it still isn't oversold on the RSI. When Bitcoin rises again, XVG could fall to sub-Satoshi levels, leading it to be de-listed as it can't be traded against Bitcoin anymore.
Fundamentals:
The one good thing XVG has going for it is that it has quite a bit of vendors that accept it as a form of payment (though it's mostly porn websites and vpn services).
It also is supported on Trezor for those who are into cold storage.
Binance recently listed it within the last year or so. Liquidity doesn't seem to be an issue.
Other than that, no news is bad news for XVG. Bad news is also bad news for XVG.
Coinbase won't list XVG, because it doesn't meet its listing requirements (Justin Vendetta, the founder, confirmed it).
Ledger seems to have some sort of beef with XVG and won't add support for XVG.
The dev team quit, leaving only the founder, and XVG hasn't had any meaningful advancements, if any in the past few years.
Its current partnership with VoiceLife is most likely vaporware and if not, several years out in the making. XiaoMi claims to have a similar technology, but haven't shown it live yet. I highly doubt that a single retired guy without massive funding can outdo a company like XiaoMi.
XVG has steadily decreased in hashrate after a few successful exploits. It currently sits at its lowest hashrate in years.
Summary:
XVG has been one of, if not the worst performing coin in the last few years. Its been in consolidation for over 3 years and hasn't come anywhere its all time high, whereas most other coins have re-entered those levels or even shattered their previous highs.
Over this year, it hasn't grown against Bitcoin and any entry into XVG within the past 6 months has been at a loss.
What does this mean? Maybe XVG will finally pop and its market cap can reach something like 15B ($0.50 XVG), especially if other shit coins like DOGE and SHIB can do 90B.
Or maybe it means that the market doesn't see a need or a niche for XVG. Maybe XVG will continue to drop to 7/100ths of a cent.
We live in weird times, where hype and memes rule. No one is memeing XVG or hyped about it.
Taking a look at XVG for a friend and I don't see anything good going for it. At first it looked like it was developing a nice broadening wedge reversal, but it needed to hold above 46 Satoshis.
There's no bullish scenario for XVG without the log-scale, but XVG seems to move logarithmically, so it could have nice run up to 490 Satoshis. But with it currently being 36 Satoshis at the time of writing this, I don't see XVG even breaking 60 Satoshis.
And with a triple top rejection against the dollar (and a huge bear flag), as well as XVG currently falling below its major support against Bitcoin, XVG may see sub-cent and single Satoshi levels.
It's been going down and it still isn't oversold on the RSI. When Bitcoin rises again, XVG could fall to sub-Satoshi levels, leading it to be de-listed as it can't be traded against Bitcoin anymore.
Fundamentals:
The one good thing XVG has going for it is that it has quite a bit of vendors that accept it as a form of payment (though it's mostly porn websites and vpn services).
It also is supported on Trezor for those who are into cold storage.
Binance recently listed it within the last year or so. Liquidity doesn't seem to be an issue.
Other than that, no news is bad news for XVG. Bad news is also bad news for XVG.
Coinbase won't list XVG, because it doesn't meet its listing requirements (Justin Vendetta, the founder, confirmed it).
Ledger seems to have some sort of beef with XVG and won't add support for XVG.
The dev team quit, leaving only the founder, and XVG hasn't had any meaningful advancements, if any in the past few years.
Its current partnership with VoiceLife is most likely vaporware and if not, several years out in the making. XiaoMi claims to have a similar technology, but haven't shown it live yet. I highly doubt that a single retired guy without massive funding can outdo a company like XiaoMi.
XVG has steadily decreased in hashrate after a few successful exploits. It currently sits at its lowest hashrate in years.
Summary:
XVG has been one of, if not the worst performing coin in the last few years. Its been in consolidation for over 3 years and hasn't come anywhere its all time high, whereas most other coins have re-entered those levels or even shattered their previous highs.
Over this year, it hasn't grown against Bitcoin and any entry into XVG within the past 6 months has been at a loss.
What does this mean? Maybe XVG will finally pop and its market cap can reach something like 15B ($0.50 XVG), especially if other shit coins like DOGE and SHIB can do 90B.
Or maybe it means that the market doesn't see a need or a niche for XVG. Maybe XVG will continue to drop to 7/100ths of a cent.
We live in weird times, where hype and memes rule. No one is memeing XVG or hyped about it.
Note
Unfortunately, this is coming along pretty well. Verge is getting delisted from Binance and it's hashrate is half of what it was when I originally posted this idea.
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