Hello everyone and welcome to my next analysis of Verge currency.
First of all I would like to point that price made a nice pullback from previous high and found resistance at 61.8 fib which was already twice tested and as we holding above 0.05 I'm expecting price to make a move upwards towards 0.10 in the next few days. You may ask why 0.10 ? Because there is a technical level of 161.8 fib and also if you will calculate XVGBTC you will get around the same fibonnaci levels at this price point which may lead to pullback even to 100% fib. Personally I see that Verge may reach $1 quicker than Dogecoin because of maximum supply of coins. Doge coin has over 129B coins and Vergecurrency has only 16.5B. Also it is worth pointing that every 60 seconds there are created new 10k Doge coins and only 100 Verge so simple math will give you an estimate how much money you have to put into the market to keep price steady. For Dogecoin at current price around $0.3 this give you $3000 and for Verge to keep price it is only $6. And keep in mind that Verge is limited to 16.5 B and there won't be more created when supply will reach its final coins, but for Doge it is unlimited supply. From this example Verge has a potential to be worth x10 Doge price .
This information is not a recommendation to buy or sell. It is to be used for educational purposes only.
"A is for my attitude working through the patience Money comes and goes so the M is for motivation Gotta stay consistent, the P is to persevere..."
@sunnyfierro, you can't predict that Biden decided to rise taxes and markets reacted in panic sell, but this may be a good sign as well because markets got rid of paper hands and over leveraged people.
sunnyfierro
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@Coder775, absolutely agree, but i think here we are still in rising trend
Coder775
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@sunnyfierro, yes indeed we are still in uptrend. first indication of trend reversal would be breaking and closing on daily below 100MA, next indication would be closing Weekly candle below 0.025. If we do so, than I will look at where I can possible buy more or where I will have to liquidate my positions.
Coder775
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@sunnyfierro, Also take a look at my previous analysis. As of now we just retested previous resistance as support and we have a nice pullback from it. This indicates strong bullish signal. That means W1 resistance at 0.078 was perfectly played out.