What is Verge – XVG?
Verge is a fast-rising cryptocurrency that aims to make transactions completely anonymous. Produced in 2014 under the title DogeCoinDark, it was rebranded to Verge Currency last year.
The currency is virtually untraceable and the consumers of Verge can make instant anonymous transactions.This is accomplished by using highly innovative blockchain technology built in addition to services like Tor and I2P that hides your personal data, like IP-addresses and geolocation.
The currency also differs to other cryptocurrencies through being a 100 percent open source project, together with members of the community able to give whole input into any decisions made about potential changes.
In addition, it is meant to be quite fast, and by using ‘Simple Payment Verification’ (SPV) technology affirmation times are kept to about five seconds on average.
Verge Price Prediction for 2018
Over the past few weeks, Verge has enjoyed an astronomic rise. Between December 12 and December 19 the money soared by 800 percent.But at the time of writing this prediction, on January 9, it was trading in #0.2($0.216) each.
The interesting part is that we've already touched on the 61% fib retracement line, meaning the correction is complete. Things have just been consolidating and forming a very large, or maybe a very tight and extended .
I'll post some immediate updates to show zoomed in versions of this analysis.
UPDATE: Here is the 4h zoomed in version showing the large bullish pennant (purple triangle area).
This could be a bullish flag if you used the wicks of the candles on the lower level, however, if you look closely, you can see the wicks also draw a pennant, so we'll just use my pennant for the drawing.
This has been quite the roller coaster and at $0.18 with a target of $8.25, this one may be worth sitting on for 2 weeks.
Set your stop-loss, because if it breaks downward, it may be the beginning of the end for Verge (XVG).
I'm not sure where the stop-loss should be at this point, but I'd probably consider the 61% fib retracement line as a good stop.
I really miss trading on Meta Trader with BTC-e. It was nice to be able to set trailing stops, where your stop loss would move upward as the price moved upward and this gave you the benefit of not falling too far behind and coming out in a profit when the stop is hit after a rally and retrace. One of these days a good exchange will add these features.
Comment: Just want to explain this chart. Look at the original chart. It's a large bullish pennant. The pennant signals that the height of the flag pole, will be the height of the next wave. Box on the left shows +4090% movement. Box on the right, is the same +4090% movement.
I'm not projecting anything here personally, just showing what the chart shows me. Personally, I don't have much faith in XVG. However, they did finally release the windows version of WRAITH PROTOCOL and MAC and Linux versions should be available very shortly. Once they are in full release, this may start to capture more adoption since it is providing a high privacy solution which allows you to hide your transactions and IP addresses within the protocol.
So, while I am not certain it could do this, it's plausible if the market decides they want it and people move over from XRP and ETH in favor of privacy. If XVG stole just 50% of market cap from XRP and ETH, it would have the market cap to meet the $8 target.
I hope this helps explain how I built this chart and the target.
UPDATE: We've broken out of the bullish pennant. I'm looking at taking my first 48% from this phase.
The optimists believe that Verge should experience a positive increase in a coming couple of years.
Nevertheless, space is fraught with problems that don’t have an easy fix. And some skeptics worry about what these problems could mean for Verge, and the cryptocurrency world.