As I detailed in my earlier post, XVG has been in a long term correction and consolidation phase. By count of Elliot waves, I indicated a WXYXZ type complex correction. My updated count of this correction is shown in the image above. This has been a grueling time for many people who are holding XVG, as they have been underwater in the coin for some time now. However, I think that there may finally be some light at the end of the tunnel. For those of you who are interested in my initial analysis of the XVG corrective cycle, please see my post which gives a detailed analysis of the combination correction and its psychology in the context of XVG.
See my initial count on the XVG correction here ...
https://steemit.com/verge/@mxcrypt/the-lengthy-wxyxz-correction-of-xvg-breakout-or-bust
Light at the end of the tunnel? Lets take a closer look!
Today (Jan 28th) has seen some very interesting price action on XVG which makes me believe that this coin may be preparing for revaluation. This is shown in the chart above (which shows hourly prices - as opposed to four hour time cycles). The close observer will observe that some subtle changes have occurred. First there has been a gradual run up in price from 750sats. Most importantly this was precipitated by an inflow of natural volume. It was not quick impulse spike, but rather a gradual increase. This was then followed by a strong bearish reversal which brought price down to around 800sats. More importantly, this recent run brought the price above the long term moving average, a trend which has more or less held upon the rapid reversal.
While today's price run was brief, it represents the first real bullish sentiment on XVG which does not conform to WXYXZ correction rules. Thus, it may serve as a subtle indication of a buying opportunity. It should be noted that in Wave Theory WXYXZ corrections are considered decisive - one way or another, the price cannot continue to move sideways for long ... a decision must be made.
Standard Legal Note
These solely my own ideas. This is by no means professional financial advice and I cannot be held accountable for any investment decisions undertaken by reading this article.
Found this helpful? Feed me some crypto!
BTC Wallet :3PPENyabp2gsEfNahLyhMsgdwtjbodrtFm
ETH Wallet :0x7792cB95e9faa8B4049c88dD0dD567Cb843bc696
LTC Wallet :MXDmNsYKccTxnyXe4vpq3XrbstHsKex9S9