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Verge XVG Breakout Analysis – XVG Pumps +65% in a Single Day
Verge XVG – Cryptocurrency is widely known as the “King Altcoin of 2017 Bullrun”, gave massive gains in that Altcoins season and, today XVG pumped +65% in a single day by just making its new all-time low & bouncing back from the support to join the Altcoins rally of 2020. Let’s take a quick look at XVG, price analysis, and possible reasons for the recent breakout.
What is Verge?
Verge is an open-source, decentralized cryptocurrency that claims to offer completely anonymous transactions by obfuscating the location and IP address of the transacting participants using TOR and I2P network layers. Verge trades on leading cryptocurrency exchanges with the symbol XVG.
Verge Quick Stats
| SYMBOL: | XVG |
| Global rank: | 93 |
| Market cap: | $156,663,352 AUD |
| Current price: | $0.0109 AUD |
| All time high price: | $0.410255 AUD |
| 1 day: | +65.4% |
| 7 day: | +75.70% |
| 1 year: | +112.74% |
Verge Price Analysis
At the time of writing, XVG is ranked 93rd cryptocurrency globally and the current price is $0.01095 AUD. This is a +75.7% increase since 18 November 2020 (7 days ago) as shown in the chart below with a 1-week candle.
Verge XVG just bounced back from its support by making it’s new all-time-low price levels. By looking at this chart, you can see the bottom has been hit and once you hit bottom, the only place left to go is up. Looking at the weekly/long-term chart, we can notice another bullish signal.
What do the Technical indicators say?
The Verge XVG TradingView indicators (on the 1 day) mainly indicate XVG as a buy, except the Oscillators which indicate XVG as a neutral.
So Why did XVG Breakout?
The recent rise in Bitcoin over 100% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. Another reason could be the whales, secretly stacking up XVG to their portfolio for this Altcoin rally. It could also be contributed to some of the recent news from the Verge about NowPayments & Black Friday Discounts.
Recent Verge News & Events:
- 02 September 2020 – Trezor Integration
- 20 October 2020 – Bitfinex Delisting
- 30 January 2021 – Halving
Where to Buy or Trade Verge XVG?
XVG has the highest liquidity on Binance Exchange so that would help for trading XVG/USDT or XVG/BTC pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.
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