The Verge (XVG) price initiated an upward move on November 14. It has been consolidating since — trading in a range between 47 and 65 satoshis. A breakout would likely take it near 100 satoshis.
Verge made the announcement that a hard fork will occur on block 3,700,000, falling sometime in mid-December. The fork will implement a new mining schedule. allowing XVG to maintain a healthy protocol and keep miners profitable. Since it affects the supply distribution, it is possible that this will affect the XVG price.
Verge was one of the biggest riser in the 2017 bull market but has been decreasing massively since.
Trader and market analyst @bitcoinjack noted the current XVG price in relation to its massive 2017 pump, in which the XVG price went from around 53 to 2000 satoshis in a matter of weeks — for a roughly 37x increase.
The price has decreased rapidly since, losing about 97 percent of its value when looking at the BTC pair.
Possible Bottom for Verge
The XVG price made a low of 33 satoshis at the beginning of August. This was combined with the lowest weekly RSI value ever recorded at 25. This is often a sign that the market cycle may be near a bottom.
Afterward, the XVG price continued to consolidate while generating a bullish divergence — before it finally made an upward move.
The XVG price initiated a rapid upward move on November 14. It increased by roughly 50 percent in two days, reaching the resistance area at 65 satoshis.
The price has also broken out above the previous resistance area at 47 satoshis. The breakout occurred with significant volume, increasing the validity of the move. Currently, the Verge price is attempting to flip the area and use it as support. As long as the price stays above this area, the upward move can be considered intact.
An interesting development is the position of the 100- and 200-day moving averages (MAs). The Verge price is trading between them, with the former acting as support and the latter as resistance.
The MAs also coincide with the support and resistance areas — so it is possible that the XVG price will consolidate within this trading range of 47 and 65 satoshis.
To conclude, the XVG price initiated an upward move and is currently in the correction phase. If it manages to break out, it could reach 100 satoshis.
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.