The interesting part is that we've already touched on the 61% fib retracement line, meaning the correction is complete. Things have just been consolidating and forming a very large , or maybe a very tight and extended .
I'll post some immediate updates to show zoomed in versions of this analysis. See below.
This could be a bullish flag if you used the wicks of the candles on the lower level, however, if you look closely, you can see the wicks also draw a pennant, so we'll just use my pennant for the drawing.
This has been quite the roller coaster and at $0.18 with a target of $8.25, this one may be worth sitting on for 2 weeks.
Set your stop-loss, because if it breaks downward, it may be the beginning of the end for Verge (XVG).
I'm not sure where the stop-loss should be at this point, but I'd probably consider the 61% fib retracement line as a good stop.
I really miss trading on Meta Trader with BTC-e. It was nice to be able to set trailing stops, where your stop loss would move upward as the price moved upward and this gave you the benefit of not falling too far behind and coming out in a profit when the stop is hit after a rally and retrace. One of these days a good exchange will add these features.
I'm not projecting anything here personally, just showing what the chart shows me. Personally, I don't have much faith in XVG. However, they did finally release the windows version of WRAITH PROTOCOL and MAC and Linux versions should be available very shortly. Once they are in full release, this may start to capture more adoption since it is providing a high privacy solution which allows you to hide your transactions and IP addresses within the protocol.
So, while I am not certain it could do this, it's plausible if the market decides they want it and people move over from XRP and ETH in favor of privacy. If XVG stole just 50% of market cap from XRP and ETH, it would have the market cap to meet the $8 target.
I hope this helps explain how I built this chart and the target.