Verge, hurry up and wait syndrome?
Decided to take a look at the infamous Verge (XVG) and having a look at its life and we can see has a history of parabolic run ups over 3000% every single time, even recently. This is then followed by an extremely heavy pullback for an extended period of time, which in today's current market people will say its because its a bad coin or a pump and dump. Are they right? Maybe. But as the market has matured, as well as Verge the pullback severity and length have lessened. And if you hear people preach these things, don't follow the herd, look at the history if any and see if it's irregular. If so maybe it will roll-over and die, if not be patient and wait for a good opportunity to INVEST. These extended corrections, the "hurry up and wait" syndrome has happened twice with Verge so I would not bet against it doing so again as a coin's history is a good indicator of its behavior most of the time however more history would be nice to be definitive.
We are nearly 2 months into the current correction at roughly a 70% pullback which is actually not terrible when you take into account Verge's pullback history and BTC's current tanking. Can we expect more downside? Probably, personally I'm looking for a close just below the 200 MA to establish a bottom as this was the bottom established before the December run up. But even IF you buy the bottom you're not always going to make an instant swing profit you may have to wait months to lock any in and may not see a good run-up for another 2 months or more in the case of Verge. So if you're going to buy this coin for a quick swing trade I'd look elsewhere but if still decide to, hurry up and wait.
We are nearly 2 months into the current correction at roughly a 70% pullback which is actually not terrible when you take into account Verge's pullback history and BTC's current tanking. Can we expect more downside? Probably, personally I'm looking for a close just below the 200 MA to establish a bottom as this was the bottom established before the December run up. But even IF you buy the bottom you're not always going to make an instant swing profit you may have to wait months to lock any in and may not see a good run-up for another 2 months or more in the case of Verge. So if you're going to buy this coin for a quick swing trade I'd look elsewhere but if still decide to, hurry up and wait.
Feragatname
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