Verge broke the trend line! Downwards!
Chart #1 : XVGBTC / BINANCE / 4H https://www.tradingview.com/x/nOV3vE4E/
On my first look at Verge charts 4 days ago, Verge was heading towards the bottom of the trend channel (purple).
Yesterday, the price was consolidating at the very edges of the channel. I expected the prices to drop since the so-called "MASSIVE PARTNER ANNOUNCEMENT GIMME MONEY!" was coming soon. Finally the prices dropped and now there is no turning back. LET THE DUMPING BEGIN. This is where a stop-loss would have been helpful.
How far is it going to dump?
Chart #2 : XVGBTC / BINANCE / 4H https://www.tradingview.com/x/MNpOCOjb/
My answer is: pft I don't know. BUT the 4H Ichimoku indicator tells me that perhaps the Kijun Sen line, 0.00001050 (which the price is at as of posting this post) will act as a support. I doubt it. The second support could be perhaps the bottom of the cloud which is around 0.00000900 satoshi. Anything below that would be no man's land.
Recent FUD around XVG
There are a lot of talks and rumors going around the crypto community that Verge owners have begun to sell in massive quantities. In addition, Verge developers claim that the money raised is being used to fund Ledger Nano S integration in which many Ledger Nano S executives denied.
Source #1:
Source #2: ~~~ embed:CryptoCurrency/comments/8c3oli/massive_red_flag_vergedev_the_money_moved_is_to/ reddit metadata:fENyeXB0b0N1cnJlbmN5fGh0dHBzOi8vd3d3LnJlZGRpdC5jb20vci9DcnlwdG9DdXJyZW5jeS9jb21tZW50cy84YzNvbGkvbWFzc2l2ZV9yZWRfZmxhZ192ZXJnZWRldl90aGVfbW9uZXlfbW92ZWRfaXNfdG8vfA== ~~~
There is no denying that there is uncertainty in the water. In my opinion, especially in a very speculative market like crypto, you should just get out as soon as you can as soon as there is even a rumor.
Be careful out there!
Legal Disclaimer: I am not a financial advisor. None of the words, charts, jokes, and expressions written in this blog post should be read or interpreted as any form of financial or investment advice. It is purely for entertainment purpose only. This is my thoughts and opinions. I can be wrong. I have been wrong and I will be wrong many times in the future. This blog is for you to flame me how bad I am at this and call me out when I am wrong. It's for your entertainment ONLY.
Wallets are enabled on exchanges?It will dump as soon as people deposit their verge on exchanges.
Coins mentioned in post: