Verge (XVG) has been one of the most talked-about coins of late. The cryptocurrency has been in the news for various reasons - some positive, some controversial. However, despite everything that's going on of late, Verge has been going slow and stable of late. However, going by the analysis of the recent movement of the currency, it is expected that Verge prices will soon boom.
As per a comparison made by a trading analyst on tradingview, the movement of the currency looks very similar to the way Ripple had been growing before it shot to $3 all of a sudden. A similar movement was seen in Ethereum's prices too, before it burst. Could it be possible that It's now Verge's turn to boom again?
Here's a look at the current movement of Verge:
[caption id="attachment_2085" align="aligncenter" width="1162"]
Recent movement of Verge (XVG) | Graph: Tradingview[/caption]
If you look at the movement of the graph, there's a line which is running through, causing a resistance. While the line of resistance looks to be sloping downwards, the line of support has been rising upwards. It appears that the two might reach close to each other soon, from where they may go their different ways again - causing unpredictability.
However, there's a better chance that Verge will boom before that happens. Once the price crosses the blue line of resistance on the top, the currency is expected to explode, as has been seen in the case of Ripple (XRP) and Ethereum (ETH) in the past. Here's a look at the graph of Ripple for reference:
[caption id="attachment_2086" align="aligncenter" width="1182"]
A look at Ripple's movement. Is XVG following a similar path? | Graph: Tradingview[/caption]
There's a good possibility that Verge too, is reaching the point where it will soon hit the 'golden breakout' point. The currency might grow by as much as 160% to 260% depending on the faith that traders show in it. Stay tuned with us for more updates like these!
: Neither the management nor the authors at CryptoCrimson are responsible for any losses, financial or otherwise, which may occur due to investing based on our articles. These are market predictions - which are not set in stone. The information provided is only for educational purposes and cannot be considered a financial advise.