XVG is forming a symmetrical triangle, which usually is a powerful continuation signal. The symmetrical triangle also happens to be the corrective wave of wave 1 in the form of a ABCDE pattern, and its completion signals that wave 3 will start soon. Since wave 3 is usually the longest, XVG probably will hit at least $0.39 (1 to 1 Extension). However, because the crypto market is so bullish, XVG will most likely exceed that target, possibly reaching $0.65 (1.618 Fibonacci Extension) or more.
In addition, within the symmetrical triangle, there are three falling wedges. The first two wedges led to a noticeable spike in price but failed to bring a decisive breakout. But as the saying goes, "Third time is the charm," the third wedge (the one XVG is currently forming), will likely bring an all time high. Market trends tend to come in sets of three (sometimes two). For instance, the impulse waves have 3 motive waves (waves that drive the price up) before a correction. Also, the triple combo corrections and the WXYZ corrections have 3 corrective sub-waves before starting another impulse. Once three of whatever pattern happens, the price is likely to change. XVG's three corrective wedges could signal the end of the corrections.
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We MAY have a WXY correction, which could mean that we got a fakeout.
I completely agree, what value do you think it will get to??
aoeuaoeu
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@Tradingkings8milli, It's hard to predict the very top, but I think we will hit at least $0.45 and likely $0.65 before another major correction.
hoerbinator
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Nice Analysis Sir, really hope you are right, got in between 0.08 and 0.14c all up 30k xvg. when would you take profits? 0.45-0.5c?
thank you
aoeuaoeu
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@hoerbinator, I would not take profit at any single price. Instead, I would ladder my way out. So I would sell some at 0.45, some at 0.5, some at 0.55, etc. It's hard to predict the very top so we lock in some profits right away, but we want to keep some in case the price continues to go up.
Travis26
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nice chart analysis! i have bought some verge as well! thank you sir for sharing