The 4hr timeframe of Verge (XVG) as captured in this analysis indicates an obvious bearish market for Verge that is relentless. Exponential moving averages 40 (in red color), 20 EMA (blue) and 10 EMA (green) are used to track price action with Verge only managing to close above all three (3) EMA’s on June 3, 2018 and July 3, 2018 as examples, while it has spent majority of the time trading under all EMA’s shown on the chart.
The most powerful use of a moving average is its slope and all three EMA’s with a descending, falling slope does not bode well for Verge (XVG). ~0.00000240 is indicated in this analysis as a likely price level where Verge (XVG) can find support, which is also the price low achieved on May 11, 2018.
The relative strength index (RSI) as shown here indicates that bearish momentum is running out, in disagreement with the message conveyed by the EMA’s.
Daily momentum (not shown here) however does favor XVG bears, so it is better to be patient for further development in price action before taking any position (long or short).
Alternatively, staying away from trading or investing in XVG would suffice. The RSI moving above its current bearish trendline (in blue) would be nice to see as further confirmation for the initiation of a long(buy) position.
~0.00000428 indicates a price level to possibly watch out for entry into long (buy) positions. Another option is to wait for price action to close above the top of resistance at ~~0.00000574 before initiating a long (buy) position. The former is considered less conservative than the latter.
Verge (XVG) breaking below ~0.00000240 perhaps does suggest retracement back to 0.00000000.
A truly decentralized project working with some of the most talented minds – Why do I say this
Has anyone heard of RSK smart contracts? (The world’s most secure smart contract) They are a very well respected and well-funded project working with some of the world’s best scientists and engineers. RSK recognized the talent of Justin Vendetta (Verge dev) reached out to Verge so they can work together – how is that for massive credibility / trust towards Verge?
RSK will be integrated into Verge and as a result Verge will reap all of the technological benefits including
- Being able to deploy or build any dApp onto Verge (meaning here we have a unique project that is not only a privacy coin but will basically be able to do what Etherium & EOS does as well) – If you do your research you will see that RSK smart contracts will definitely be giving Etherium & EOS a run for their money as they are developing very superior tech.
- RSK will launch Lumino. A combination of the best features of Lighting and Raiden network – Before end of the year RSK hope to launch this which will allow for 20,000 transacitons per second
- Verge will also be able to achieve decentralized cross chain trading via Saturn network (which will run off RSK - icobench.com/ico/saturn-protocol
- Various existing and new dApps are either already being planned to be moved over or be newly born once RSK is fully integrated into Verge
There will also be many other technological benefits that Verge will reap from RSK - for anyone that is interested to do more research here is the direct link - rsk.co/
Why will Verge succeed?
The single most important mission for any project that has a working product is MASS ADOPTION – Verge is always moving forward with the intention of mass adoption - Apart from getting on new exchanges how does a project reach those who are outside of the crypo community?
Verge has the answer to that as they have partnered with Token Pay who have acquired 9.9% of a German bank with the option to make full purchase pending regulatory approval (which is very close) TokenPay CEO Derek Capo has been working tirelessly with regulators in order to make sure that Verge, Litecoin and TokenPay debit cards will be released – For any challenge that they have faced a clear solution has been found and implemented.
What else is yet to come?
- New codebase (not to be underestimated) as it is stated it will be rivaling bitcoin’s codebase - Verge Dev (Justin Vendetta) Stated in a recent interview that the new codebase has been completed and that other Verge Dev members are now testing it prior to official release
- 3 NDA’s yet to be announced
- New Blackpaper (with additional 10-15 pages)
- Ring CT integration
- Official iOS wallet + updates
- I2P Android wallet
- Mining update
- New Vendors
- New exchanges
- Merchandise store
Although Verge has had it's ups and downs they have learnt from the past and are fully focused moving forward - full steam ahead!
Coin_Analyst
⋅
@hoomanamir, thanks for sharing and that is a great insight. I am a professional technical analyst and trader so charts is all I base my decision on for trading and/or investing including clients I work with. Cheers
gooddoctor
⋅
Verge is coming to 50satoshi
Coin_Analyst
⋅
@gooddoctor, that is good to know and thanks for sharing
A truly decentralized project working with some of the most talented minds – Why do I say this
Has anyone heard of RSK smart contracts? (The world’s most secure smart contract) They are a very well respected and well-funded project working with some of the world’s best scientists and engineers. RSK recognized the talent of Justin Vendetta (Verge dev) reached out to Verge so they can work together – how is that for massive credibility / trust towards Verge?
RSK will be integrated into Verge and as a result Verge will reap all of the technological benefits including
- Being able to deploy or build any dApp onto Verge (meaning here we have a unique project that is not only a privacy coin but will basically be able to do what Etherium & EOS does as well) – If you do your research you will see that RSK smart contracts will definitely be giving Etherium & EOS a run for their money as they are developing very superior tech.
- RSK will launch Lumino. A combination of the best features of Lighting and Raiden network – Before end of the year RSK hope to launch this which will allow for 20,000 transacitons per second
- Verge will also be able to achieve decentralized cross chain trading via Saturn network (which will run off RSK - icobench.com/ico/saturn-protocol
- Various existing and new dApps are either already being planned to be moved over or be newly born once RSK is fully integrated into Verge
There will also be many other technological benefits that Verge will reap from RSK - for anyone that is interested to do more research here is the direct link - rsk.co/
Why will Verge succeed?
The single most important mission for any project that has a working product is MASS ADOPTION – Verge is always moving forward with the intention of mass adoption - Apart from getting on new exchanges how does a project reach those who are outside of the crypo community?
Verge has the answer to that as they have partnered with Token Pay who have acquired 9.9% of a German bank with the option to make full purchase pending regulatory approval (which is very close) TokenPay CEO Derek Capo has been working tirelessly with regulators in order to make sure that Verge, Litecoin and TokenPay debit cards will be released – For any challenge that they have faced a clear solution has been found and implemented.
What else is yet to come?
- New codebase (not to be underestimated) as it is stated it will be rivaling bitcoin’s codebase - Verge Dev (Justin Vendetta) Stated in a recent interview that the new codebase has been completed and that other Verge Dev members are now testing it prior to official release
- 3 NDA’s yet to be announced
- New Blackpaper (with additional 10-15 pages)
- Ring CT integration
- Official iOS wallet + updates
- I2P Android wallet
- Mining update
- New Vendors
- New exchanges
- Merchandise store
Although Verge has had it's ups and downs they have learnt from the past and are fully focused moving forward - full steam ahead!