Since the beginning of May, Verge has been trading down and has reached the bottom on the 24th of June, when it hit the $0.02 low. After that the range trading has started, and currently XVG/USD has stuck between $0.029 resistance and $0.02 support.
There is absolutely no clarity of further price direction at this point. However, considering that the long term trend is down, it is still more likely that it will continue. But for that, weekly break and close below the $0.02 support is required.
When/if the support is broken, next support is seen at 561.8% Fibs, that is $0.012. And according to the Fibonacci time zone, the low can be reached around 7th of August.
On the upside, if the resistance is broken, it could be the first indication of a trend reversal, or at least a corrective wave up. In this case the upside target is seen neat $0.044 resistance area, that is 23.6% Fibs.
There is absolutely no clarity of further price direction at this point. However, considering that the long term trend is down, it is still more likely that it will continue. But for that, weekly break and close below the $0.02 support is required.
When/if the support is broken, next support is seen at 561.8% Fibs, that is $0.012. And according to the Fibonacci time zone, the low can be reached around 7th of August.
On the upside, if the resistance is broken, it could be the first indication of a trend reversal, or at least a corrective wave up. In this case the upside target is seen neat $0.044 resistance area, that is 23.6% Fibs.
Trade closed: target reached