Has XVG Finally Hit Rock Bottom? Potential Buying Opportunity!!

in #bitcoin7 years ago

XVG1_Steem.png

As I detailed in my earlier post, XVG has been in a long term correction and consolidation phase. By count of Elliot waves, I indicated a WXYXZ type complex correction. My updated count of this correction is shown in the image above. This has been a grueling time for many people who are holding XVG, as they have been underwater in the coin for some time now. However, I think that there may finally be some light at the end of the tunnel. For those of you who are interested in my initial analysis of the XVG corrective cycle, please see my post which gives a detailed analysis of the combination correction and its psychology in the context of XVG.

See my initial count on the XVG correction here ...

https://steemit.com/verge/@mxcrypt/the-lengthy-wxyxz-correction-of-xvg-breakout-or-bust

XVG2_Steem.png

Light at the end of the tunnel? Lets take a closer look!

Today (Jan 28th) has seen some very interesting price action on XVG which makes me believe that this coin may be preparing for revaluation. This is shown in the chart above (which shows hourly prices - as opposed to four hour time cycles). The close observer will observe that some subtle changes have occurred. First there has been a gradual run up in price from 750sats. Most importantly this was precipitated by an inflow of natural volume. It was not quick impulse spike, but rather a gradual increase. This was then followed by a strong bearish reversal which brought price down to around 800sats. More importantly, this recent run brought the price above the long term moving average, a trend which has more or less held upon the rapid reversal.

While today's price run was brief, it represents the first real bullish sentiment on XVG which does not conform to WXYXZ correction rules. Thus, it may serve as a subtle indication of a buying opportunity. It should be noted that in Wave Theory WXYXZ corrections are considered decisive - one way or another, the price cannot continue to move sideways for long ... a decision must be made.


Confidence 4.0/5.0
@mxcrypt

Standard Legal Note

These solely my own ideas. This is by no means professional financial advice and I cannot be held accountable for any investment decisions undertaken by reading this article.

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Ive been following Verge since the early days, experienced the highs just before new years and now being under 10c (more realistic for where they are ATM) and can see this being a $1 coin by end of 2018

I completely agree that XVG has a bright future! I think long term XVG could certainly be a $1 coin. It has a lot of room to grow, and the team seems to be making strides in good time.

Yes they are, and the fact they are still going well considering the negative attention it had. But people need to realize the devs on XVG team are exactly that DEV's not marketing gurus. They were so busy putting the wraith protocol together while everyone wanted constant positive updates when something like that needed to be done properly. Now look at it! amazing tech.

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