XVG (Verge) Defying Gravity despite the current bearish market (My analysis)

in #crypto7 years ago (edited)

You maybe wondering why XVG is on a bull run despite the bear market, but i think this is because of the news about an announcement to be made on the 16th of April, and also there is a rumor that it may go up until 1300 area, and then I take a look at its chart and here is my technical analysis.

Based on my chart/technical analysis, I think the reason why there is a rumor that it may go up until 1300, its because the 61.8% of the Fibonacci golden ratios plots at that area and it may be the PRZ level of it, and I also spotted a Regular Bearish Divergence and the volume weakened compared to the last breakout, that may cause a breakdown on the price until my found support at 1028 area then it may bounce a little bit there and if there is surge on the volume it may cause a bull run but if not it may go down further until 910 area where 38.2% Fibonacci level plots, but currently it crossed the 50% Fibonacci level which is a good sign of a bullish movement. At my found supports I can test buy there and then if it goes down further I'll buy more for a chance of a break even or for a profit depending on my buying power, but if the plan did not work as expected, cut loss is a must, but if you don't want to cut your losses, well hold your assets!

Legal disclaimer: I am not a financial advisor nor any content in this article a strong financial advice, buy and trade at your own risks. my analysis is based on my view using technical analysis and market behavior.

A post for the #steemitpowerupph and I am a proud member :)

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It only goes up because wallets are disabled on major exchanges.No one can dump their XVG. :)

Interesting technical analysis

Time will tell if your prediction is correct. Lets keep our fingers crossed and hope for the best outcome.
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thanks! lets see if my analysis will be on spot.

I may have plotted and spotted the regular bearish divergence of XVG because I did not wait for the candle to close on the 4hr chart but once it closed look at what happened, and then take a look where it stoped rising or where it formed a reasonable resistance, almost exactly at 61.8% Fibonacci level where I said it may be its PRZ level

I may have guessed luckily at this one or the technical analysis is just quite useful sometimes hehe