Article structure notification: the article is divided in three sections. First section is focused on short-term, technical and speculative analysis of the project – this is regularly updated part of the article. Second section is focused on general market and sentiment analysis and third section is focused on the long-term, fundamental analysis and future prediction of the project – this is occasionally updated part of the article.
Mid May Update: Technicals
XVG is at 134 sats, resting at its EMA20, after its rally from couple of days ago got rejected at the sturdy resistance of 151 sats. The subsequent pullback was a strong one and XVG slumped all the way down to the breakdown level of 120 sats but has recovered since.
Major breakout level for XVG is this 151 sats zone which is a Fib50 level of the April-May high low Fibonacci. First breakout for XVG is staying above the MA200 resistance at 138 sats. Pay attention to XVG if it pierces through this level on a big volume, it could then smash the 151 resistance and travel all the way up to 215 sats, a major local resistance height. Especially if we consider the formation of a bullish pennant on the daily, discussed below in the daily chart section.
Moving averages are still aligned in bearish setup and only above 145 would we see a bullish crossover of EMA20 and MA50.
Potential formation of a bullish pennant on the daily which is a continuation pattern formed when there is a large price movement, short period of consolidation, and a continuation of the prior trend.
Trading volume is puny – reported volume in the last 24hrs is $3m and “Real 10” (trading volume on the exchanges that provably prevent wash trading) volume is even lower – $1.4m. This means…