Verge (XVG) Sees Exponential Growth: Key Level Reclaim Could Spark Massive Rally

Verge (XVG) Sees Exponential Growth: Key Level Reclaim Could Spark Massive Rally

Verge (XVG) has witnessed a remarkable price surge in recent days, leaving investors astounded. The privacy-focused cryptocurrency saw an impressive 149% increase last week and continued its upward trajectory on Monday, recording a 30% rise. Analysts now suggest that reclaiming a key level could potentially trigger another substantial rally for Verge.

On Monday, the broader cryptocurrency market saw modest gains, with Bitcoin (BTC) trading above $30,500. At the time of writing, Verge coin was exchanging hands at $0.0053 after a strong performance during the first trading session of the week, maintaining a bullish outlook.

The latest news regarding Verge reveals that Binance has reversed its decision to delist several privacy coins in Europe. This development caused a surge in XVG‘s price and led to a short squeeze. During such events, traders with short positions face liquidation, creating upward pressure on the price.

However, despite Verge seemingly evading Binance‘s delisting, concerns remain about its fundamentals. Prior to the recent price surge, community interest in the project reached an all-time low. Therefore, chasing the price after a 180% increase may not be advisable.

Technical analysis indicates that the Verge price chart is currently retesting a crucial resistance level at $0.0045. Although the price has broken above this resistance, a weekly close above this level would further strengthen the bullish prediction for XVG‘s price.

Reclaiming $0.0045 could propel the price towards the next resistance level at $0.015, representing an almost 300% increase from the current price. Market sentiment and Bitcoin’s price action will also significantly influence these developments. If the leading cryptocurrency fails to break above $31,000 in the near term, altcoins may face considerable challenges.