First of all, this coin has already had a significant increase in price. It close to its old highs
It may very well have completed a 12345 , identified in blue. This would suggest an correction to follow. We have not made a either, which could be a likely scenario, and a good exit.
Current price action will become more clear if / when price revisits the recent high. Then we will get a better picture of our next move. I took the liberty of drawing out a few possible scenarios. I believe the most likely is the scenario is a a failed retest of the high ( ), and then a correction to a certain fib level, most likely in the format.
If you are still HODLing verge, I would set a stop loss a percent below the blue support, and wait for a better exit.
Honestly, even if this coin does have a little more to go (I identified a price target by the horizontal support, around 1600 sats ), is it really worth it? Try and figure out your Risk / Reward ratio, which is the total potential risk to the total potential gain. Is it 1:3 or greater? I can tell you that there are numerous coins with a great Risk / Reward ratio. But then again, this all depends on how high you believe XVG can go near-term.
Do what you will, but personally I would try and look for a coin with more upwards potential, Verge already moved a lot. If you bought now, it is very possible you would be "buying the high", only to find yourself "selling the low" later.
We'll see how it plays out.
Happy trading! :)
If we don't test the support, wait until we test the resistance