Verge (XVG), a privacy-focused cryptocurrency, has experienced an astonishing surge of over 500% since the past week, signaling a potential revival of “dinosaur coins” in the crypto market.
A shift in market sentiment
Verge (XVG), a privacy coin, has increased more than 500% over the past week, according to data from CoinGecko. This significant increase is part of a broader trend where older cryptocurrencies, referred to as “dinosaur coins,” regain attention and value in the crypto market.
First introduced in 2014, verge gained popularity during the bitcoin-driven bull run of 2017. Its unique selling proposition is providing a fast, efficient, and privacy-focused blockchain for transactions. However, in recent years, newer and trendier tokens have overshadowed verge and similar cryptocurrencies.
It’s worth noting that Binance, the world’s largest centralized crypto exchange, recently reversed its decision to delist several privacy coins, including XVG, in Europe. This news could be one factor that has boosted the price of XVG, liquidating many short positions. The resulting liquidation of short positions by traders has created upward pressure on the price of XVG.
XVG price analysis
At the time of writing, the price of verge (XVG) is $0.00676553, with a trading volume of $443,947,778.59 on the daily timeframe. The XVG price has increased by 17.03% today, representing a massive 309.2% increase in the last seven days. With a circulating supply of 17 billion XVG, verge’s market cap stands at $111,331,922, according to CoinGecko.
Technical analysis of the XVG price chart indicates a breakthrough of the $0.0045 resistance level. On June 26, XVG closed at $0.001619. Since then, there has been a notable increase as it reached a high of $0.009840 yesterday, making more than 500% in 7 days.
While this breakthrough is a positive sign, a sustained closure above this level for at least a week would strengthen the bullish momentum for XVG.
If the bullish momentum continues, it may drive the price toward its next resistance level of $0.015. Additionally, support for XVG is expected at the $0.0045 to $0.005 level.
The relative strength index (RSI) value at the weekly timeframe stands at 89.7, suggesting high buying pressure. However, it is crucial to consider the overall market sentiment and the price action of bitcoin (BTC) as these factors significantly influence the performance of altcoins, including verge.
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