Verge Technical Analysis: XVG/USD up 15% after an extended daily consolidation

XVG/USD is trading at a high of $0.0078 from a low of $0.0064.
Verge has been under consolidation for the past week after a massive bull run towards $0.01.

Lorenzo Stroe Independent Analyst

Verge hit its 2020-high on June 17 at $0.0099, inches away from $0.01. After the peak, the digital asset started consolidating and dropped to a low of $0.006. Given the circumstances, this consolidation should be considered healthy.

XVG/USD daily chart

Bulls have defended the daily 26-EMA several days in a row and managed to spark a massive price surge on June 30 towards $0.0078. Currently, XVG is still trading above both EMAs which have remained bullish for the entire period of consolidation.

Buyers aren’t facing a lot of resistance towards $0.01 because the pullback was really steep. The next resistance point to beat was established at $0.0078 and there are no other levels until $0.01.

Author

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

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