Good news for Verge (XVG) hodlers! According to technical analysis it is going to 3000 Satoshis. Good news for those who missed to buy XVG earlier – it is below 1000 Satoshis right now. It could be the perfect moment to grab some of it, before it jumps again.
How do I know that? That’s what the XVG/BTC chart is telling us. If we take a look on the daily XVG/BTC chart, we’ll see that a huge bullish pennant is forming. Here it is:
Those of you who’re familiar with technical analysis will easily understand what this chart represent. I’ll try to explain what is bullish pennant and how we use it for price prediction.
Bullish pennant is a chart pattern which appears on charts after a strong upward movement. That initial movement represent the pole on the chart. Each strong movement in markets is always followed by period of consolidation. We’re right in the middle of it. During that period price is going up and down in somewhat narrow range and it form a pennant.
Price usually touch sides of a pennant a few times before it break out in the original direction (up). This is what I expect to happens next. Verge should bounce off lower side of the pennant and should break through the upper side of it.
Okay, but why I said it is going to 3000 Satoshis? Simply, we use the pole height to measure how far a coin will go after a breakout. Just measure the pole height and apply it on the place where a breakout occurs.
The next move is usually high as a pole of the previous movement. If we apply that to our chart, this is what we get:
As you can see, the height of our pole is 1909 Satoshis. If we apply that distance to a place where the next breakout can occur, approximately 3000 Satoshis is what we get. We’re not yet sure at that exactly place a breakout can occur, but at least we have an idea what could happen next. With all those altcoin pumps we have at the moment, this scenario is very possible.
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