Vege Coins has been moving down at a very fast and consistent rate, losing 1% daily against Bitcoin since the beginning of this month. The tendency doesn’t seem to stop and more sell orders could be just waiting to be triggered.
After Verge bounced off the BTC 0.0000008, it corrected up and rejected 23.6% Fibonacci, and yet another wave down followed. The trend remains heavily bearish while XVG/BTC broke below the 8/1 Gann Fann trendline and currently using it as a resistance.
Break below the most recent low at 0.00000086 would most likely trigger a continuation of the fall where the pair can target either the previous support at 0.00000044 or going even further down towards 327.2% Fibs at BTC 0.00000016.