Verge XVG - Short Term Pullback on News
XVG has pulled back from touching the upper trend line as shown by the smaller yellow ellipse on the chart [trend lines in turquoise] on the news that a business deal has been reached to use Verge as a payment system for the Porn Hub company. Porn Hub which is owned by Luxembourg based MindGeek the 32nd biggest website on the web according to traffic measurements.
This is a case of buy the rumor and sell the news.
Why Was This Deal So Attractive To Verge And MindGeek?
Verge team is only looking at a very large market with this company taking up a large part of the total Internet traffic with massive sales. As a business opportunity, this could be huge for Verge. The customers of these sites are looking for as much cover as possible desiring to hide their payments on credit card statements from friends and family members. Verge also encrypts all of the traffic via the TOR network making intercepts of payment traffic untraceable.
The Verge Trading Chart
Watch the dotted trend line for a possible recovery in the price. If the price holds here it's an opportunity to add to the position.
Should the price move further downwards, I have highlighted a "Buy Zone" for adding to long term holdings.
I have no intention to sell Verge, I believe it's a long term hold.
Disclaimer: Those with objections to the Porn industry might want to weigh their investment in Verge. But it's only fair to point out that the US Dollar, Visa, and Mastercharge are far larger in this regard.
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All statements and expressions I offer are my opinions, and not meant as investment advice or solicitation. Information provided is not personal investment advice. Seek guidance from a professional investment advisor before trading or investing. Trading cryptocurrencies can be a potentially profitable opportunity for investors. You should carefully consider your investment objectives, level of experience, and risk appetite. Most importantly, do not invest money you cannot afford to lose. I am not a registered investment advisor.
Wishing you success,
Isaac
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