This monthly chart analysis of Verge requested on Twitter . It’s been a painful one for Verge holders as Verge is one of the better known pump and dumps. HOWEVER, a lot remains to be seen and there could be relief on the way… if you are willing to be patient. There’s good news and bad news.
The good news: Verge is essentially bottomed out… after a long 3 year downtrend, XVG has seemingly broken out of a pattern in March.. although the formation began in April 2019. Not only that, the formation has formed a , and looks to be headed to a nice big . But that is way too far away to determine.
The bad news: After a successful breakout of the , this months candle seems to be bogged down by pressure. However, we still have a few days to go. The jumped upwards a fair amount for such a small price movement, that I would not be surprise if it breaks to the downside to form another bottom and wind up another round of pressure. We MUST wait and see what the next monthly candle looks like before we can make a determination.
Worst case scenario: The bears win the month, and unfortunately head for yet another bottom. On the bright side… a triple bottom can only be an indicator for a nice strong trend reversal.
In my opinion: Because of where the price is in comparison to the last 4 years… if you are going to accumulate Verge, now is the time. Losses will be minimal. I will stay neutral until we can confirm.