Verge Regains Momentum & Faces Stringent Resistance at $0.0080

Verge has been on fire as it has been drawing an uptrend right after the market crash in March. However, even though XVG/USD was seen strengthening, the growth rate remained slow yet steady until the second week of the previous month. It was since the 2nd week of June when XVG coin gained impetus and dipped intermittently to retest support around $0.0060.

Moreover, the spiking price of the altcoin has led to positioning Verge amongst the top 10 altcoins based on increasing social media activity along with exceptional price-performance against Bitcoin, leading to a rise in the trading volume. As per LunarCRUSH Social Listening, Verge is ranked on 6th position amongst the top 10.

Moreover, the currency is again gaining momentum after a brief dip of around $0.0060 in the last week of the previous month. The current price actions of XVG are drawing a bullish crossover due to intraday gain.

Verge Price Analysis

Verge News
XVG/USD Chart By TradingView

On the 4-hourly price chart of Verge against the US Dollar, we see that it is trading well above 50.0% Fib Retracement level at $0.00737. At the give trading price, XVG/USD has retained complete support from 50 & 200 day MAs at $0.00669 and $0.00630, respectively. Moreover, it was just yesterday when the coin retested 2-week resistance at $0.00790 and is facing a tough resistance around $0.0080 price area.

After the coin gained momentum at the beginning of the ongoing month, the MACD chart of Verge holds a bullish divergence even after intraday alterations. The 20-day Bollinger Bands are seen widening, which projects increasing volatility in the upcoming days. The RSI of XVG is lying at 59.72 around the overbought region due to rising price, which is correlated to demand. The major support and resistance to watch out for lies at $0.0060 and $0.0080, respectively.

Mehak Punjabi

Mehak Punjabi is a post-graduate in MBA with a specialization in Finance and has joined CryptonewsZ with a skill-building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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