This is a great entry point in my opinion for XVG. Looking at the daily chart, we can see the price has remained above a historical support area for the last 4 months. This is likely an indication that the price has bottomed and will go up from here. In addition to the price finding support, the volatility has been extremely low. Low volatility often begets high volatility. This is key as it approaches the upper resistance boundary of its falling wedge. The price will be forced to move up through resistance or down through support. XVG is one of the few alts that has made any moves upwards. When I add up all the facts 1) Price has been propped up by strong support for 4 months 2) Extremely low volatility 3) Nice rounded bottom 4) Price is being forced to move up or down - I have a feeling that XVG may have a very strong bull run soon. I am buying here and can set my SL just below support. The risk reward ratio is huge to the upside.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.