Verge Upside Potential

On the 1st of December Verge broke above the downtrend trendline as well as 200 Moving Average. After a small correction down it went higher and broke the descending channel. Another corrective wave down followed where 200 MA was rejected.

All-in-all, the trend now became bullish and should go higher, towards the $0.01 psychological resistance level. This price is confirmed but the extended channel upper trendline as well as 627.2% Fibonacci retracement level applied to the corrective wave after the downtrend trendline breakout.

It must be noted that is is the very first upside target that should be watched closely, as the upside potential could be much larger. On the downside, only a break below the 200 Moving Average on the 4H timeframe could invalidate bullish outlook.

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