Verge Analysis – What a nice reversal we have here

The upswing on the cryptos continues and the biggest gainer among the largest coins on the market is Verge. At the beginning of the European session, we are up more than 25%! That is a great news for the most fanatic hodlers of this coin. Previously, we mentioned this altcoin in the beginning of August and we were bearish. Does that mean that we were wrong?

„As history loves to repeat itself, most probably, we will see another breakout of the lower line of this formation. Sell signal will be cancelled, when the price will break the upper line of this pattern, which for now is less likely to happen. „

Back in that day, the price was on the 0.022 USD and that pattern was a triangle. Straight after those words were written, the price broke the lower line of the triangle and went lower, reaching 0.01 USD few days ago! As You can see, our previous analysis was spot on as it anticipated the drop for more than 50%!

In the past few days, XVG is climbing higher, mostly due to the hammer on the daily chart and the inverse head and shoulders on the H4. That is a positive sign that brings us a short-term relief. The scenario is positive and the target for this rise is on the yellow area around 0.02 USD. Long-term sentiment is still negative though.