Despite a slight glitch, XVG is expected to resume its uptrend soon towards the nearest resistance zone at $ 0.045.
XVG has risen significantly in the past week, continuing the uptrend that has existed since the beginning of the year. XVG hit a high of $ 0.029 before falling slightly to its current price of $ 0.022, as of press time.
Technical indicators are bullish, as all three indicators RSI, MACD and Stochastic Oscillator are rising and not making a bearish divergence. These indicators support the continuation of the up move.
If XVG continues to rise, the nearest resistance zones will be found at $ 0.045 and $ 0.073, respectively, the 0.382 & 0.618 Fib retracement level as measuring downward movement from the all-time high of $ 0.118. .
XVG’s current movement
The daily chart offers two areas of support, found at $ 0.021 and $ 0.017 respectively. XVG is currently trading just above the top level, confirmed it as support.
While the short-term movement is almost parabolic, the XVG could bounce at one of these levels and create some sort of bullish structure.
Both the MACD & Stochastic Oscillator are rising and there is a hidden bullish divergence in the RSI, a sign that XVG is likely to continue higher.
The short-term chart supports this possibility, as it shows two bounces from the small support zone of $ 0.021, which is also combined with a bullish divergence in the RSI.
Once XVG breaks above the current short term descending resistance line, the rate of increase is expected to accelerate rapidly.
XVG / BTC
Trader DonWojak outlined the XVG / BTC chart, stating that due to the possibility of a breakout from the long-term descending resistance line, he expected the pair to continue to rise.
Since the tweet, XVG has moved above this resistance line, likely to confirm it as support (green arrow).
However, it has yet to climb above the minor resistance zone at 51 satoshi and has been struggling to get there since September 2020.
However, the breakout above the descending resistance line was initiated by a significant bullish divergence in the RSI, which has now moved above 50.
Furthermore, the Stochastic Oscillator produced a bullish cross and the MACD almost cut into the positive zone, both of which are bullish signals.
Hence, XVG / BTC is expected to break out above the 51 satoshi resistance zone and towards 100 satoshi.
XVG / USD is expected to find support at one of the two minor support zones and resume its uptrend thereafter.
The marked bullish divergence in XVG / BTC combined with a breakout above the current descending resistance line suggests that a bullish trend towards 100 satoshi is expected.