Verge tanked 96% from the peak of June 2021; Can XVG revive?

Verge shares a long history of inception and ideation that dates back to 2014 as an improvement on the privacy features not available by BTC or other attempting tokens such as Monero. Originally launched as DogecoinDark, it was renamed Verge to differentiate its origin as a Dogecoin-inspired cryptocurrency but takes source code from Bitcoin. 

Verge deploys a combination of masking IP addresses and anonymous data traffic to achieve privacy. It goes so far as to create one-time usable wallet addresses to mask the recipient address using a dual-key stealth addressing methodology. 

Verge has failed to reach a high rank on the blockchain rankings sustaining a peak value of $0.31 in December 2017. Since then, the development work of Verge has failed to make it competitive, while the core team now uses strategic partnerships to promote its usage and application in the market. XVG holds a market capitalization of $40 million with a 100% circulating token supply. 

Verge Price Analysis 

In the short term, XVG is struggling near the Fibonacci retracement of 23.6%. The support extended at this price level has managed to sustain the selling pressure of its 16.51 billion strong token volume. The outlook for XVG coin depends on its ability to sustain the level of $0.00242.

Verge has tanked heavily in November, while December has failed to create any positive buying steak so far. RSI indicator shows a rising buying volume compared to the dip of November 09 with a level of 50. While the MACD indicator is on the precipice of declaring a bearish crossover as XVG reaches the lowest value in the last week. 

The development of new selling volumes at a 30% jump showcases the ideal mindset of the major holders of this token. Since it neither depends on nor takes cues from BTC or Doge, the impact on such tokens shouldn’t be a factor in pushing selling activity. 

The current value finds support at 23.6% retracement with resistance at 38.2%. Ideally, there should be a recovery from the support level. Hence, enthusiastic buyers should wait for the price reaction near this retracement level before taking any hasty decision. Even a single-day uptrend for Verge coin price can jump as high as 50%, courtesy of the price action gain witnessed on 23rd November 2022.