Verge (XVG) coin appears to have seen its golden days and has started off on a downward spiral now. The cryptocurrency market has turned bearish with all major and non-major altcoins taking a downturn in recent days. With the exception of some cryptocurrencies, most are portraying protracted bearish momentum.
Verge coin had earlier stolen the limelight with its phenomenal growth and performance into the new year. Verge (XVG) surged up by around 360% in the yearly timeframe. However, the cryptocurrency too has succumbed to the bearish pressures of the market and the weekly performance of the coin shows a loss of 7%.
Verge coin price developments
In December last year, Verge coin was trading at $0.0075. The cryptocurrency, in the grasps of the bulls, went as high as $0.035. The price level has been fluctuating in the meanwhile but the cryptocurrency kept trying to keep its pace. However, after achieving the 52-week high Verge (XVG) started on a downtrend.
In the 24-hour timeframe, the situation has grown more serious. The price of the cryptocurrency fell by around 15% while the daily trading volume, too, decreased by 10%. Verge (XVG) market ranking has fallen from around 109 to 116 as the market capitalization fell around 15%.
Despite the bearish turn of events, the market sentiment for Verge crypto is majorly bullish. The market is still dominated by buyers as the cryptocurrency has not yet lost its shine and glimmer. Out of the 26 technical indicators, ten are standing at a neutral position with twelve giving out an indication of buy and only four signals at sell. Both the oscillators and Moving Averages are bullish. The technical indicators may suggest a nearing end to the market corrections.
Traders continue to be bullish on the cryptocurrency while suggesting a long position on Verge. A trader has identified the shift from a downward trend to an upward one. Per the trader, the upward trajectory of Verge is likely to continue in the coming days. The trader has also set a price target of $1.30 for Verge (XVG) coin. The trader is expected a 3,800% return on investment from the coin.
The cryptocurrency is facing strong resistance at the Fibonacci level of $0.031 which lies close to the 0.382 Fibonacci level. In the case Verge (XVG) is not able to change the course of the market, the cryptocurrency can find key Fibonacci support at the price level of $0.014.
Wallet Investor is not strongly bullish on the cryptocurrency. Per their projections, Verge coin is set to have a price level of $0.031 in one year’s time. On the other hand, Digital Coin Price’s 5-year price prediction places the cryptocurrency at a price level of $0.09.
Verge cryptocurrency can be traded using the 7b trading app without any additional hassle. Sevenb.io is a new trading broke connected with Binance that aims to make trading Verge coin easier. The recent partnership with Voicelife is also expected to bear fruits in the near future. All in all, Verge crypto continues to be active in the field and traders still believe in the potential of the coin – time will tell whether or not Verge (XVG) is going to reverse the bearish market trend.