XVG Technical Analysis: Price Is Above the First Fibonacci Pivot Support Level of $0.070

Verge is a 100% open-source protocol that aims at infusing blockchain technology in daily life. XVG is the native token of this ecosystem. It is a digital token designed for everyday use. The Verge network facilitates fast and secure digital money transfers. The XVG technical analysis is as follows:Past PerformanceOn April 29, 2021, XVG opened at $0.048. On May 5, 2021, XVG closed at $0.066. Thus, in the past week, the price has soared by roughly 37%. In the last 24 hours, XVG has traded between $0.06-$0.065.

Day-Ahead and TomorrowCurrently, XVG is trading at $0.063. The price has dropped from the day’s opening price of $0.066. Thus, the market seems to be downtick.

The MACD and signal lines are positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Hence, the overall market momentum is bullish. Therefore, we can expect the XVG price to start rising.Currently, the RSI indicator is at 75% – deep into the ‘overbought’ region. Thus, buying pressures are very high. High demand for XVG will push its price further up.The OBV indicator has sharply risen. Thus, buying volumes are much higher than selling volumes. Hence, the OBV indicator is giving further credence to the positive price trend indicated by the MACD and RSI oscillators.In short, all the oscillators have given bullish signals and the price is poised to start rising.XVG Technical AnalysisThe price is currently above the first Fibonacci pivot support level of $0.062. It may soon break out of the Fibonacci pivot point of $0.064. As the bulls seem strong currently, by day end, we can expect the price to surpass the first, second, and third resistance levels of $0.066, $0.067, and $0.069, respectivelyCurrently, the price has broken out of the 50% FIB retracement level of $0.062. It may soon test and break out of the 38.2% and 23.6% FIB retracement levels of $0.063 and $0.069, respectively. As the market is strongly bullish, we can expect the price upswing to continue tomorrow as well.

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