The past 24h have seen many calls of a reversal and uptrend underway. A bearish scenario is still a possibility if not highly probable. Without breaching the prior support of 739 on Binance, Verge bounced off of it and failed, rejecting it with lower highs with each impulse up. Without being able to sustain a closing candle above the prior support now resistance Verge will be searching for its lower support.
The 100EMA on the daily in the 670s range failed to hold while we found initial support at 640 another test seems likely and its ability to hold will be determined. In the event of 640 failing we will be on our way to test the 0.236 Fib level previously mentioned in other charts in the low 500s. There will be support attempts between 535 and 580.
While may of the current charts on TradingView favor an uptrend a bearish scenario could be healthier in the long run, establishing firm support at fib levels to create a solid foundation for long-term steady incline towards new all time highs.
The 100EMA on the daily in the 670s range failed to hold while we found initial support at 640 another test seems likely and its ability to hold will be determined. In the event of 640 failing we will be on our way to test the 0.236 Fib level previously mentioned in other charts in the low 500s. There will be support attempts between 535 and 580.
While may of the current charts on TradingView favor an uptrend a bearish scenario could be healthier in the long run, establishing firm support at fib levels to create a solid foundation for long-term steady incline towards new all time highs.