Bitcoin
BTC$47 925.68

0.68%

Ethereum
ETH$3 423.11

0.38%

Cardano
ADA$2.37

0.38%

Binance Coin
BNB$410.57

0.26%

Tether
USDT$1.000627

0.04%

XRP
XRP$1.078025

0.61%

Verge (XVG): A Naughty Cause for Price Increase


#Verge

Verge (XVG) is the type of cryptocurrency, the price action of which would probably be most appreciated by traders who give preference to the less volatile yet reasonably profitable cryptocurrencies that are easier to predict and build the corresponding strategy upon.

It doesn’t mean that XVG lacks up or downswings, but perhaps its most distinctive characteristic lies in the fact that every significant move to either side is always followed by a period of calm and steady recovery or correction, thus providing enough opportunities for a well-elaborated and controlled trading.

We have already briefly covered the essence of Verge fundamentals and arrived at the conclusion that the anonymity it provides, thanks to the utilization of the l2P network layer are great in themselves, and they definitely serve as a superb foundation for the price growth, especially in the situation where the authorities are making efforts to harass the user privacy on the pretense of the COVID-19 threat. With anonymity and privacy becoming in greater demand, the coins that have these solutions at their core should thrive, or at least display a steady price appreciation, just like Verge has been doing since the infamous March market crash.

1-day XVG/USDT chart

Starting from March 13, the day when the XVG market had reached the three-year bottom, the price of the 82nd cryptocurrency has been scrambling its way to the upside in one of the most accurate ascending channels that we have seen throughout the entire market during this particular cycle. Without trying to come up as obscene, but Verge’s recent success in terms of price action, and its relatively swift recovery following the crash, could be explained by the fact that this cryptocurrency has become favored by major adult sites, such as Pornhub that listed VGX (and USDT) as accepted means for buying memberships. Since the introduction of the global lockdown, the worldwide traffic stats related to this adult website has been soaring, which could correlate to a certain extent with the price action of Verge.

That is certainly not a sole reason why XVG has been doing well lately - over the past 30 days, the coin gained 43% against USD, 30% against BTC, and 23% in comparison to ETH - as the Verge team is working on an Android update and the integration of the RSK smart contract. However, it still represents a powerful driver that could keep the coin within the bullish context for the time to come.

When it comes to the price action, Verge appears to be preparing the groundwork for a bull rally, judging from the way all crucial indicators are lining up. On May 23, XVG made its way above the 200-day EMA, with 25 EMA and 50 EMA following the suit. Moreover, we are currently witnessing the golden cross in the making as 50 EMA is about to cross 200 EMA to the upside. MACD is also increasingly bullish in this market but yet to reach the overbought level at 0.0005. RSI has been moving north in sync with the price, and the fact that it is still in the neutral zone below 70 suggests that the move above the resistance at $0.005 is imminent. The next price target would be $0.0058, the top of the previous rally, at which point the price might experience an increased pressure by the bears.

Author: Alex Paulson for Crypto-Rating.com

Related

Verge (XVG) Still Unable to Break the Resistance
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Verge mysterious 11% surge still unexplained
Verge mysterious 11% surge still unexplained

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 86.4% 18 $47 925.68 0.68% 6.58% $901 951 445 458 $27 919 462 130
2 Ethereum (ETH) ETH Ethereum predictions 76% 50 $3 423.11 0.38% 5.21% $402 491 721 391 $15 553 045 416
3 Cardano (ADA) ADA Cardano predictions 67.2% 67 $2.37 0.38% -7.94% $75 823 653 054 $2 080 207 302
4 Binance Coin (BNB) BNB Binance Coin predictions 68.8% 70 $410.57 0.26% 2.36% $69 032 640 296 $1 283 622 699
5 Tether (USDT) USDT Tether predictions 96% 1 $1.000627 0.04% 0.04% $68 335 359 250 $59 329 429 542
6 XRP (XRP) XRP XRP predictions 72.4% 59 $1.078025 0.61% 0.96% $50 259 931 930 $2 252 778 370
7 Solana (SOL) SOL Solana predictions 57.6% 90 $167.50 13.39% -4.91% $49 743 317 996 $5 600 026 562
8 Polkadot (DOT) DOT Polkadot predictions 59.2% 81 $34.32 2.31% 8.72% $33 890 426 406 $1 838 398 069
9 Dogecoin (DOGE) DOGE Dogecoin predictions 62.8% 75 $0.241065 -0.37% 0.25% $31 660 952 487 $981 852 553
10 USD Coin (USDC) USDC USD Coin predictions 93.2% 1 $1.000557 0.03% 0.03% $29 403 262 185 $2 112 261 871
11 Avalanche (AVAX) AVAX Avalanche predictions 64.8% 69 $69.31 -5.01% 25.67% $15 268 911 437 $1 827 693 735
12 UniSwap (UNI) UNI UniSwap predictions 71.6% 63 $24.33 -0.87% 8.50% $14 880 383 376 $283 300 955
13 Terra (LUNA) LUNA Terra predictions 68% 64 $35.04 0.38% -9.65% $14 075 024 420 $740 942 492
14 Chainlink (LINK) LINK Chainlink predictions 74.4% 52 $28.27 1.53% 5.94% $12 820 613 105 $1 032 467 819
15 Binance USD (BUSD) BUSD Binance USD predictions 94.4% 1 $1.000531 0.04% 0.04% $12 820 356 340 $4 823 361 344

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