XVG technical analysis

XVG seen from the temporality of 1W we can observe a bearish pattern within the major figure where the price has had a long run since 2018, the closing of the previous candle has managed to recover the support located at 0.00000043, if it manages to stay above that level, it is very possible that we see an upward continuation towards the diagonal resistance of the major figure indicated in the chart above by a red diagonal, our first target indicated in the chart is located within the price range of 0.00000090 – 0.0000010808 within the price range of 0.00000090 – 0.00000108.

XVG seen from the temporality of 1D we can observe more closely the current movement of candles, we see how the price has broken up the pennant bearish delimited in the chart above by the small red diagonals, after a slow sale, the price has managed to make a retest of the resistance located at 0.00000047, indicated in the graph above by the horizontal black color, so far has marked an HL with the throwback to the support of the blue horizontal in the 0.00000043, so that we can see a next upward movement we need the price to close above the black horizontal, otherwise we could have invalidation.

In conclusion, the price begins to give signal of reversal of trend, just as other currencies have been doing, XVG has fallen a huge percentage during this down season, so many traders may not be very motivated to operate this market, however, the situation could be reversed in a short time if the price remains above 0.00000043 and gets us a new HL above 0.00000047, otherwise, the price should fall towards the 1D demand zone located at 0.00000038, therefore, I recommend to be very attentive to the price action in 1D, this is a risky trade, do not forget to always place your stop loss to avoid possible invalidations during the movement.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

You can follow me on Twitter: https://twitter.com/armijogarcia

About the author: luis garcia
Technical Market Analyst Crypto trader

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