Trading Analysis: Verge(XVG/BTC) Is On The Look-Out For Bullish

Verge (XVG) looking strong against BTC pairing, after finishing up a long bullish pennant ABCDE pattern and displaying a potential golden cross at 50/200MA.

After a prolonged 3 month descent from its all-time high over Christmas, Verge seems to be changing into a bullish channel after retracing to 0.786 fib levels.

Looking at a 50/200 moving average above it is obvious that the token is gaining momentum, with support rallying in support of the project’s newly achieved crowdfund target.

In the upcoming channel, key supports are found at 500 Sats and 360 Sats, with a strong resistance line at 700 Sats.

This has been tested once already and was unsuccessful in the channel, so volume will need to maintain its consistency if XVG is to break beyond and continue its bullish run.

At the time of writing, Verge is now down -8.39% but still tracks along the uptrend line.

The golden cross is still on its way, but if good buying sentiment can continue for Verge then we could see a test of the second resistance level at 850 Sat in the coming weeks and probably go beyond that.