Verge (XVG) Market Update: Should You Sell?

In focus | Verge Logo Verge $XVG
Verge (XVG) Market Update: Should You Sell?

In Brief

  • The price of Verge (XVG) has slipped to $0.0027, down by -15% in the past 7-days.

  • For comparison, the broader market is down by -4.9%.

  • 14 previous historical occurrences of the closing marubozu candle indicator suggest that prices could be headed lower.

Verge has collapsed sharply recently, and unfortunately for investors historic price action suggest that the market is heading lower.

We can't predict the future, but we can analyze what happened in the past. Stack has looked at the previous indicators for Verge (XVG) in similar circumstances to try to predict future price action.

Specifically, we looked over 14 prior occurrences where the closing marubozu candle was spotted, this is what we found.

Why Verge's Price Could Move Lower

Essentially, due to multiple similar occasions before. That is to say, we have seen this situation play out before.

Over 14 past occurrences, we found that 92.86% of the time the price increase by a median -19.55% over the following 60 days.

For example, on March 4th, 2022 we saw the indicator and a price move of Verge, only to then move by -11.9% over the following 60 days.

Verge chart

Chart displays the past episodes when this indicator occurred with the price.

What does this mean for investors?

This is only a single, data-backed signal, based on a number of previous periods. Many of factors can affect the price of any investment.

Social media, developer activity, the number of exchanges as well as on-chain activity are just a handful of factors that can affect the price of any crypto project. Stack considers all these into it's ranks to make it quick to compare the quality of different crypto projects.

{If you feel that other factors, like the broader crypto market, are favorable assuming the suggested 7-day holding period. Then it might be a good trade, or a good entry point for longer term investors. We recommend that you do your own research (DYOR) before making any investments. |It's important to before making any investment decisions. Crypto can be highly volatile, and other factors, like the global crypto market, are likely to influence prices. Always DYOR before jumping in.

What other factor could be moving $XVG?

As mentioned above, many factors can affect the price of any investment. Here are some that Stack can help you track.

The direction of the broader market

The broader market is also down by a median -4.9%. Most cryptos are correlated, especially to Bitcoin. So this is likely affecting the price.

Developer activity

How active have the devs for Verge been?

During the past 4 weeks there have been 8 commits on Verge's Github account. This compares to an average of 3 commits per week.

Identifying big changes in developer activity can highlight potential new products being worked on and identify abandoned projects that might be in decline.

Social media

Social media can have a substantial impact on cryptocurrency prices. Even a single tweet can move markets.. It's difficult to gauge sentiment just by scrolling, but you can use tools like Stack to monitor the growth of a project's followers.

Verge's Twitter followers have increased by 0% over the past 7 days. You can view stats for other networks in the full report for Verge.

Important Disclaimer: This material is for informational purposes only. None of the material or any material on the website should be interpreted as investment advice. Stack does not make any express or implied warranties, representations or endorsements whatsoever with regard to the material or related information. In particular, you agree that Stack and it's owners assume no warranty for the correctness, accuracy and completeness of the material.