You maybe wondering why XVG is on a bull run despite the bear market, but i think this is because of the news about an announcement to be made on the 16th of April, and also there is a rumor that it may go up until 1300 area, and then I take a look at its chart and here is my technical analysis.
Based on my chart/technical analysis, I think the reason why there is a rumor that it may go up until 1300, its because the 61.8% of the Fibonacci golden ratios plots at that area and it may be the PRZ level of it, and I also spotted a Regular Bearish Divergence and the volume weakened compared to the last breakout, that may cause a breakdown on the price until my found support at 1028 area then it may bounce a little bit there and if there is surge on the volume it may cause a bull run but if not it may go down further until 910 area where 38.2% Fibonacci level plots, but currently it crossed the 50% Fibonacci level which is a good sign of a bullish movement. At my found supports I can test buy there and then if it goes down further I'll buy more for a chance of a break even or for a profit depending on my buying power, but if the plan did not work as expected, cut loss is a must, but if you don't want to cut your losses, well hold your assets!
Legal disclaimer: I am not a financial advisor nor any content in this article a strong financial advice, buy and trade at your own risks. my analysis is based on my view using technical analysis and market behavior.
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