The Verge/Ethereum (XVG/ETH) pair ignited its uptrend on December 16, 2017 when it closed above resistance of 0.00006. The breakout attracted momentum players which pushed the market’s price to as high as 0.0004192 on December 23. At this price level, the market was in extreme overbought territory. Momentum players exploited the chance to take profits.
As the market succumbed to selling pressure, it went as low as 0.000114 on December 25. Although the pair bounced, it only reached 0.000333 on December 31, which is a bearish lower high setup. This was a signal that the market was losing its bullish momentum, and that prompted participants to dump their positions. The pair plunged, and went as low as 0.00005075 on February 2. This pullback can be your opportunity to buy the bottom.
Technical analysis show that the XVG/ETH market is consolidating at support level of 0.00006. A surge in volume on February 17 as the market was hovering at this price level indicated that bulls are prepared to make a stand. While the market dipped, volume has been anemic since the February 17 rally, suggesting that sellers are losing interest in dumping their positions.
The strategy is to buy as close to 0.00006 support as possible. If the bulls successfully defend this level, the pair will most likely bounce to our target of 0.0002. The process may take a month.
Daily Chart of Verge/Ethereum on Binance
As of this writing, the Verge/Ethereum pair is trading at 0.0000693 on Binance.
Summary of Strategy
Buy: As close to 0.00006 as possible.
Target: 0.0002
Stop: 0.000055
Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.
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