The Verge price has started to bounce back. The XVG coin is trading at $0.0350, which is about 68% above the lowest level this month. It has risen in the past seven straight days, bringing its total market cap to more than $575 million. It is the 145th biggest cryptocurrency in the world according to CoinGecko.
What is the Verge Currency?
Verge Currency is a seven-year-old cryptocurrency that was previously known as DogeCoin Dark. The currency was developed with the goal of making blockchain technology available to ordinary people.
Its mission was also to fulfil the goals of Satoshi Nakamoto, the developer of Bitcoin. They achieved this by creating a relatively affordable currency based on blockchain technology. Unlike Bitcoin, its transaction costs are relatively low and its speed is high. It can handle about 100 transactions per second.
Verge Currency has a total supply limit of 16.5 billion XVG. This was a deliberate move because developers wanted the currency be available to ordinary people. The developers expect that the maximum supply will be reached in the next 5 years.
Still, while the Verge Currency has a future, it faces significant challenges going forward. The most important challenge is competition. As a relatively small cryptocurrency, it competes with giant coins that have a similar agenda. Some of these coins are relatively cheaper and have a faster speed than it.
Verge price prediction
On the daily chart, we see that the XVG price soared to an all-time high of $0.0845 in May this year. Like all cryptocurrencies, it crashed by more than 80%. It then found a strong support that is shown in green.
Now, the Verge price is attempting to move above the August high of $0.0368. It has moved above the 25-day and 50-day moving averages (MA), which is a bullish sign. At the same time, the Relative Strength Index (RSI) has been rising.
Therefore, in the near term, the coin will maintain the bullish trend. This view will be confirmed when the price moves above the key resistance at $0.0368. If this happens, the next key level to watch will be at $0.05, which is about 44% above the current level. This view will be invalidated if the coin falls below $0.025.