Verge Surge Reverses Even as Volume Pumps. So What’s Going On?

The recent surge in Verge (XVG) came to an abrupt end today even as trading volume jumped 11% to $44 million. So what’s going on? 

It’s price was down almost 18% as of 10:46 EST at $0.00634106 as it shows signs of being overbought. The increase in XVG’s trading volume may be due to factors including speculative interest and Binance’s decision to reverse its delisting of privacy coins in Europe.

Verge Forms Red Candlesticks Despite Golden Cross

Verge (XVG) has been making long, red candlesticks following its most recent golden cross in the last 4 days (July 9).

Since XVG is experiencing red candlesticks even after the golden cross, it’s likely to face more downward trends despite several bullish signals on major indicators.

This could be a result of overbought conditions following the golden cross. Overbought conditions can trigger profit-taking or a market correction, causing red candlesticks.

Notably, the Moving Average Convergence/Divergence (MACD) is still above the signal line, representing a bullish market for XVG. However, considering its downward movement and the faded green histogram bar, the coin could close with a low price at the end of its trade.

Furthermore, the Relative Strength Index (RSI) is at 61.50, representing a neutral market position, positioned between the oversold (below 30) and overbought zone (above 70). Since it’s pointing down, Verge (XVG) is likely to shed its recent gains in a short time, suggesting more red candlesticks on the chart.

In contrast, the coin is trading far above its 50-Day and 200-Day Simple Moving Average (SMA), indicating a short and long period of bullish trend for XVG. This means Verge (XVG) will likely reach $0.007 and beyond in the coming days to weeks.

Verge’s Support and Resistance Levels

The S&R Zone Signals Show Verge’s support levels at $0.000212 and $0.001411, whereas its resistance levels are $0.003797 and $0.007370.

According to the chart above, Verge (XVG) has surpassed its support levels and low resistance and is trading near its highest resistance level at $0.007370.

This implies that XVG’s price has reached a point of struggle to break through and continue rising. At this point, the coin may experience a price rejection, failing to break above the resistance level and reversing its upward movement. 

If traders who anticipate this resistance sell their positions, the price could decline.

Also, XVG may enter a period of consolidation near the resistance level, trading within a narrow range as buyers and sellers weigh their positions and market sentiment. 

Moreover, considering the impact of consolidation, XVG could see a temporary pause before the price either breaks out or reverses in the long run.

Crypto markets are dynamic, and factors such as market sentiment, fundamental news, and overall market conditions can impact Verge’s behavior near its resistance levels. 

Technical analysis, combined with other forms of analysis, can provide insights into potential price movements. However, it is always important to consider multiple factors and employ risk management strategies before trading or investing.

Factors That Could Fuel Verge’s Growth

Besides macroeconomic activities, ecosystem-related news events, and market sentiment, here are notable updates that could fuel the growth of Verge’s market price in the long run.

Binance’s Delisting Reversal on Privacy Coins in Europe

In May, the world’s leading crypto exchange, Binance, revealed its plans to delist privacy coins on June 26 in Poland, Spain, Italy, and France.

The plan reportedly would have impacted several privacy coins, including Secrete, Verge, PIVX, Horizen, and many others.

According to The Block’s post on June 26, Binance has decided to reverse its delisting plans on privacy coins, saying that it would modify its privacy coins’ classification and spare seven coins, including Verge, Secret, Zcash, Decred, Navcoin, Dash, and PIVX.

Considering this decision, the spared cryptocurrencies will likely face several potential effects on their growth.

Since Binance is one of the largest and most popular cryptocurrency exchanges globally, relisting Verge (XVG) on the exchange would restore its access to a significant user base, which could lead to increased trading volume and liquidity. 

This increased exposure may attract new investors and potentially contribute to the growth of Verge. Furthermore, Binance’s decision to reverse the delisting and relist Verge could restore confidence in the project and its potential. This restoration of credibility may attract renewed interest from traders and investors, positively impacting the growth of Verge.

Binance’s decision to reverse a delisting could reignite community engagement and development efforts around Verge. It may encourage the Verge team to actively pursue partnerships, integrations, and technological advancements actively, bolstering the project’s growth potential.

Binance offers various cryptocurrency trading pairs, including popular base currencies like Bitcoin (BTC) and Ethereum (ETH). Relisting Verge on Binance could result in reintroducing trading pairs involving XVG and these major cryptocurrencies. This increased availability of trading pairs can attract more traders and increase Verge’s visibility within the broader cryptocurrency market.

While Verge’s long-term price outlook (XVG) favors the bulls, the two-world-combined project, yPredict (YPRED), is gaining popularity among crypto enthusiasts thanks to its AI and crypto-powered ecosystem.

The Ground-Breaking Immersive AI Ecosystem – yPredict ($YPRED)

yPredict (YPRED) is a cryptocurrency that has gained significant attention in the crypto market for combining the world of artificial intelligence with the crypto space.

As such, it uses artificial intelligence (AI) to streamline the method of forecasting crypto price movements, helping traders, investors, and even developers to make more precise predictions for their preferred cryptos.

Furthermore, yPredict is an all-in-one trading dashboard utilizing advanced AI algorithms to run market data analysis, identify trends, and issue data-driven insights to traders without them leaving the platform.

The yPredict platform has a three-tier subscription model, allowing users to access various levels of insights, features, and other AI products based on their subscription tier. Notably, allos subscription tiers are powered by the platform’s native token, YPRED.

Interestingly, yPredict provides bespoke trading tools to its users, providing them with state-of-the-art features to improve their trading strategies. These tools are built to guide traders through making cognizant decisions backed by AI-driven insights.

Some of these tools include AI signals, 25+ chart pattern recognition, AI technical analysis, sentiment analysis, and even auto indicator.

yPredict is built on the Ethereum blockchain, utilizing its robust infrastructure and smart contract capabilities. Besides having the YPRED token as the native token within this ecosystem, yPredict provides various rewarding users with this token.

It creates a prediction marketplace where developers, analysts, quants, and traders can showcase their AI-driven crypto predictions. Any user that wishes to use these predictions would pay a non-pricey subscription which the prediction providers will earn from.

Also, yPredict offers lucrative staking benefits, huge discounts, unlimited free predictions, as well as its utility token that can be 100x in the future.