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