XVG/USDT Technical Analysis and Commentary
1. Graphic Analysis
The chart shows a bull flag formation in an uptrend. The price is seen trying to break the upper resistance line of the formation. If this breakout occurs, the price can be expected to move towards the target area.
2. Target and Prices
• Target 1: 0.0212 level (important resistance zone)
• Target 2: 0.0270 level (formation target)
• Long Term Target: 0.0390 level (major resistance)
3. Support and Resistance Levels
• Supports:
• 0.0145 (major support)
• 0.0123 (trend lower support)
• Resistors:
• 0.0166 (short-term resistance)
• 0.0212 (important horizontal resistance)
4. Indicators
• RSI (Relative Strength Index): Approaching overbought territory but momentum remains strong.
• Volume: An increase in volume is observed as the price increases, which supports that the movement is healthy.
• EMA (Exponential Moving Average): EMA50 is above EMA200, confirming the uptrend.
5. Formation and Formation Rotation
• Formation: There is a bull flag formation. This is generally known as a continuation formation and indicates an upward movement of the price.
• Formation Reversal: A strong rise can be expected with the breaking of the flag upper line.
6. Trend Direction
• The trend is clearly upward, with higher lows and higher highs.
7. Strategy and Recommendations
1. Breakout Strategy:
• Buying can be done at the daily close above 0.0166.
• Target: 0.0212 and 0.0270
2. Receiving Support:
• If the price pulls back to 0.0145 levels, a position can be added.
3. Stop Loss:
• If there is a close below the 0.0123 level, the position should be closed.
4. Risk Management:
• Transactions should be made with 2-3% of the total capital.
General Comment
XVG has a strong upside potential and if the formation is completed, the price is likely to reach the targets. However, it should be noted that volatility is high. Investment decisions should be made with caution and the determined strategy should be adhered to.
