The XVG/USD chart showed a decent rally last week, where its high indicated a 74% from the month’s low. However, the overall trend for this coin is still bearish and currently facing a crucial resistance, can we expect a bearish reversal?
Key technical points:
The XVG coin forms a double bottom pattern in the weekly time frame chart
The weekly chart’s RSI shows have jumped above the neutral(50) line
The intraday trading volume in the XVG coin is $102.1 Million, indicating a 23% fall.
Source- XVG/USD chart by Tradingview
The XVG coin weekly chart revealed a great long opportunity for crypto traders by a double bottom pattern. The pattern has its neckline at the $0.038 mark, and today the coin price retested this resistance level only to face strong rejection from it.
The crypto traders should wait for a proper breakout from this overhead resistance, that would trigger an entry signal for a long trade. As per the crucial EMAs(20, 50, 100, and 200), the coin is under bullish trend