- Verge crypto price has jumped by more than 500% in the past few days.
- The coin was recently listed in a leading Indian exchange.
- XVG coin could slip by more than 51% to $0.0036.
Cryptocurrency prices have moved sideways this week as Bitcoin remains stuck above the $30,000 resistance level. Some altcoins like Storj and Verge (XVG) have gone parabolic and moved to their multi-month highs. Verge price jumped to a high of $0.0094, which was 551% above the lowest level in June.
What is Verge crypto?
Verge is a cryptocurrency with a market cap of over $138 million. It is a digital coin that is created for everyday transactions. As such, it is an alternative to popular fiat currencies like the US dollar and the euro.
Verge is similar to Bitcoin in that it uses a proof-of-work technology but it has advanced privacy features. The network also uses a multi-algo PoW technology that makes it possible for people to mine it with any mining device.
Its other features are TOR integration, I2P integration, and electrum. TOR is a technology that is best-known for its browser, which encrypts all data and enhances privacy. Verge also powers encrypted peer-to-peer messaging in its platform.
Verge crypto price has jumped for two main reasons. First, the coin was listed in Giattos, a fast-growing crypto exchange in India. Historically, cryptocurrency prices tend to rally when they get listed in key exchanges.
Further, Binance, the biggest crypto exchange in the world, said that it would launch XVG perpetual futures in its ecosystem.
Second, the rally is happening because the coin passes the Howey test, which the SEC uses to categorize securities. Verge was created in 2014, did not have an ICO, and has never been a token. Recently, many similar coins like Litecoin and Bitcoin Cash have jumped.
Verge crypto price forecast
On the daily chart, we see that the XVG token made a bullish breakout this week. As it rose, volume, especially from Binance, jumped. The total Binance volume in the past 24 hours came in at over $180 million.
Verge has surged above all moving averages and the important resistance level at $0.0037, the highest level in February 21st. Oscillators like the Relative Strength Index (RSI) and the Stochastic Oscillator have moved above the overbought level.
Therefore, I suspect that the coin will start retreating as most of the top buyers start taking profits. If this happens, the next level to watch will be at $0.0036, which is about 54% below the current level.
