The Verge XVG price has been bullish and is not far from the resistance of the golden ratio. The question is: will the Verge price bounce?
XVG price analysis- bullish breakout!
The Verge price broke bullishly from the bearish, parallel downward channel, and rose almost to the golden ratio at $ 0.0085. The XVG price was 13 bullish weeks behind and it was almost 500 percent higher. The 50-week EMA is broken but XVG should still be able to reach the golden ratio in the coming days. The MACD is still bullish in the weekly exchange rate and the RSI has now reached overbought regions, which are the first signs of an impending correction.
XVG price analysis- Bullish development of the MACD
The MACD has developed very bullishly in the monthly exchange rate, so the histogram is always ticking higher and is currently close to coming into the positive range. The MACD lines also appear to be on the verge of bullish crossover.
XVG Price Analysis – Correction on the way?
The daily price saw a golden crossover and the bullish crossover of the 50-day EMA with the 200-day EMA. This means that the trend of the past 50 days has been more bullish than the trend of the past 200 days. The golden crossover often initiates an impending upward trend. Trading volumes also appear to be coming back and the MACD continues to develop bullishly. The RSI does not form a bearish divergence but it is in overbought regions.
Therefore there is a reason to believe that the XVG rate could initiate a correction after it has been bearishly rejected at the golden ratio. The correction goals are:
- $0,0055 (0.382 Fib).
- $0.0038 (Golden Ratio)
Otherwise, the Verge price will find its next significant resistance at $ 0.012.
XVG Price Analysis- rejected at the golden ratio!
Against Bitcoin, the XVG price also broke the 50-week EMA. The MACD is also bullish, while the RSI is gradually reaching overbought regions. XVG finds its next significant resistance between 0.0000009 – 0.0000010 BTC. The price could bounce and initiate a correction. The correction target is the 50-week EMA at around 0.0000007 BTC.