Due to the delayed, initially incomplete and insufficiently communicative release of the Wraith protocol, Verge suffered greatly from sales during the past day.
The developers of Verge and the Wraith protocol, however, have worked hard in the last few days and showed that they are serious about their project. They seem to have learned from their mistakes and criticism from the Verge community.
The price is currently recovering moderately, but the medium-term direction remains open for now. Although the price today (@7pm CET) achieved a 24h plus of approx. 14%, it is currently at a decisive level. In my opinion, two versions are conceivable.
Version 1
The price increase is a normal pullback within the longer-term downward trend, which reached its high today at 61.8RT. In this case, a further price decline or at least a retest of the last trend low would be expected.
Version 2
Breaking the downtrend with 3 confirmations and a new countertrend.
If you take a closer look at the chart, there was a invisible resistance line, which was broken with the closing prices on 03.01.18, 8pm, 04.01.18, 0am and 04.01.18, 3am. Perhaps this 3 times confirmed Break introduced a countertrend.
Resistance-Level (Satoshis)
*1390
*1334
*1416
*1578
Support-Level (Satoshis)
*1193
*1114
*1100
*1075
*990
*912
Conclusion
In my opinion, the previous chart image remains bearish. Only above 1390 Satoshis do I assume that prices will continue to rise. But the good news of the last few days, the fact that the 900 Satoshi-level held and the potential that Verge offers, gives us hope.
Follow-up
https://steemit.com/xvg/@ch3rm/verge-xvg-collects-strength-for-the-ascent
Disclaimer
This article only reflects my personal opinion and is for informational and entertainment purposes only. It is NOT a recommendation to buy or sell anything.
Charts created on https://tradingview.com