XVG as many others Alts on the market still didn't get their own move and XVG is a great technical example.
Since the end of 2019 prices reached major long term support between 20 and 45sat, what makes it interesting is through the months we had bullish pushes making higher highs all the time.
1st bounce stopped at 70sat in Dec 19, 2nd stop at 105 sat in Jun 20 and 3rd 150sats in May 21. I see these moves as exhausting the market where buyer sell their coins in despair and seller get stopped every time at higher prices leaving the market with lighter selling pressure, hence, the higher highs.
We can also see since in the last 3years, November has been followed by new bullish pressure and looking at MACD formation last year compare to this year we have exactly the same situation.
Now this said, some will think that price will continue to range, my bias is that bullish pressure will happen again in the coming months and this time prices should reach 200sats.
200 sats and then ? Then it will all depend of the momentum, a lot of seller will be out of the market, the selling pressure will therefore be lighter and prices could easily move to higher target, 250/370 or 500+ sats nobody can know where it will stop before it happen.
All I know is, if you don't want to buy a coin looking like it (XVG or another one) why would you sell ?
Since the end of 2019 prices reached major long term support between 20 and 45sat, what makes it interesting is through the months we had bullish pushes making higher highs all the time.
1st bounce stopped at 70sat in Dec 19, 2nd stop at 105 sat in Jun 20 and 3rd 150sats in May 21. I see these moves as exhausting the market where buyer sell their coins in despair and seller get stopped every time at higher prices leaving the market with lighter selling pressure, hence, the higher highs.
We can also see since in the last 3years, November has been followed by new bullish pressure and looking at MACD formation last year compare to this year we have exactly the same situation.
Now this said, some will think that price will continue to range, my bias is that bullish pressure will happen again in the coming months and this time prices should reach 200sats.
200 sats and then ? Then it will all depend of the momentum, a lot of seller will be out of the market, the selling pressure will therefore be lighter and prices could easily move to higher target, 250/370 or 500+ sats nobody can know where it will stop before it happen.
All I know is, if you don't want to buy a coin looking like it (XVG or another one) why would you sell ?