In July Verge broke below the uptrend trendline and since then it has been consistently moving lower and lost 66% to Bitcoin while falling from 113 satoshi down to 44 satoshi.
Fibonacci applied to the corrective wave up after the trendline breakout, which is the same wave where 200 Moving Average has been rejected, shows that 327.2% retracement level has acted as a support with a very precise bounce off.
Currently, XVG/BTC continues trading within the descending channel although the lower trendline is also now acting as a support suggesting that Verge is planning to go ahead of Bitcoin. Perhaps buying Verge might seem a little early, but as the support is holding the opportunity is there.
I think you are right. Check out the bottom on the DOGE weekly chart also...
SunilDahiya
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Thank you :)
CryptoPAMM
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@SunilDahiya, welcome, let me know guys if you need updates, cause sometimes don't have time to check all
AdamMarc
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@hitech, nice chart. What is your entry target? BTC possibly about to run up to 19-20k in the coming days? You think we'll get 45-50 sats again on XVG?
CryptoPAMM
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@AdamMarc, it is possible that it will go back to 45 sats, but for now trend bullish as long as the support is holding
CryptoPAMM
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@AdamMarc, I dont' think Verge will go lower, but lets see, at the same time BTC can go up to 20 easy, but Verge could just outperform it