Verge (XVG) Still Unable to Break the Resistance

March 3, 2020   Verge

Verge is one of the oldest cryptocurrencies on the market and arguably one of the most interesting in terms of fundamental value. In a nutshell, XVG is a privacy coin that was first released in early 2014 under the name DogecoinDark, having the initial purpose of serving as a payment tool for Internet users, who are particularly skilled in operating in Darknet, by the virtue of the well-known Tor network, as well as the anonymity layer dubbed I2P.

Over time though, the scope of use of DogecoinDark, later renamed to Verge (XVG), had been broadened to heed the needs of a much wider audience. Verge is characterized by swift transactions, which usually doesn’t take more than 5 seconds thanks to the utilization of the Simple Payment Verification (SVP) feature, integrability with multiple online platforms, and, of course, total privacy ensured by the use of Wraith Protocol.

Verge current standings


Presently, Verge is ranked 79th on Coinmarketcap, being placed right between DxChain Token and Zilliqa. The market capitalization of XVG amounts to $77 million, which is quite modest for a project that has developed such a decent amount of viable technological solutions. It should also be mentioned that its market capitalization doesn’t undergo large swings, staying between $70 and $80 million, at least during the last month and a half, which saw the altseason going strong.

Verge’s trading volume, on the other hand, usually undergoes drastic changes and could grow from as low as $777,055 to $9,3 million in a relatively short period of time, effectively moving the price, as you can see on the daily XVG/USD chart below.

1-day XVG/USDT price

Speaking of gains, Verge didn’t particularly impress both holders and traders as its value decreased by 20% over the past year. Over the last 30 days, the coin gained 24% but then lost 11.14% during the previous seven days. Nevertheless, the all-time return on investment still stands high above 9000%, so the early investors shouldn’t be flinching at the mild price fluctuations.  

XVG: situation on the charts


On the weekly time frame, Verge is struggling to break through the previous year’s resistance at $0.005, which was established in the period from September through December. Therefore, unlike many other altcoins, XVG is yet to confirm an uptrend or even flip the resistance to support for that matter.

Weekly XVG/USDT chart

However, given that Verge has always been adhering to the general tendencies on the cryptocurrency market, there's a probability that its price action is just lagging behind other altcoins that are going higher with the waves of a minor uptrend that hold the promise of turning into a secondary one after the last correction which saw the markets plummeting by 15%- 20%.

1-day XVG/USDT chart

On the daily chart, though, the price had briefly broken through the said resistance level - and even tested the height of $0.006 - but was immediately pushed back underneath it by the bears. On the 14-period RSI, the coin has just descended back to the neutral zone of 50, while MACD shows the moving average crossing the signal line from the top downward, with histograms gradually growing red. Therefore, it is highly likely that the price of Verge would consolidate for a while in the corridor between $0.0045 and $0.0051 before making another attempt at breaking that tough resistance level.

Author: Alex Paulson for Crypto-Rating.com
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