Verge Short Term Bullish Outlook

Verge has found the bottom at $0.023, where it formed a bullish divergence on the RSI oscillator. Price then started to produce higher highs and higher lows suggesting the beginning of an uptrend.

XVG/USD broke above the 200 Moving Average and the Descending Channel, reaching $0.11 high. Although price hasn’t tested the 38.2% Fibonacci resistance level and corrected down to the 200 Moving Average where it currently found the support. From this price is it likely that the growth will continue towards the Fibonacci resistance at $0.12, which is the very first strong resistance for Verge. Break and close above that resistance should trigger stronger growth, while rejection could result in consolidation.

On a downside, XVG could still get lower towards the uptrend trendline before moving higher. But only break and close below the $0.023 support could invalidate short term bullish outlook.

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