Why is Verge (XVG) crypto witnessing a drop today?

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Why is Verge (XVG) crypto witnessing a drop today?

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 Why is Verge (XVG) crypto witnessing a drop today?
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Highlights

  • Verge crypto is primarily a blockchain-based protocol which offers a faster and more efficient form of decentralised payment in a secure anonymous manner. 
  • The Verge crypto on 22 August was down by 0.50% at 7:30 AM (GMT +1), according to CoinMarketCap.
  • The 373rd-ranked token on 22 August was trading at US$0.003231 with a trading volume of US$21,33,599 over a day.

Verge crypto is primarily a blockchain-based protocol which offers a faster and more efficient form of decentralised payment in a secure anonymous manner. One of the key objectives of the protocol is to increase the throughput and delivery rate, thereby increasing the adoption of the protocol. Besides, additional privacy features, it also incorporates an anonymity network known as Tor into its wallet services. 

The Verge crypto on 22 August was down by 0.50% at 7:30 AM (GMT +1), according to CoinMarketCap. The VGX token, which was launched in 2014 as DogeCoinDark, hasn’t had the best of fortunes in the past 30 days as it had been down by 12.8% according to CoinGecko. 

What’s the reason for Verge crypto’s dip?  

Besides Verge crypto’s very own performance in the past month or so, the overall market performance to hasn’t helped the crypto. The overall market, in fact, has been under extreme pressure, especially following the release of the Federal Reserve’s minutes from its July meeting on 18 August. The minutes revealed that the Central agency is contemplating a hike in interest rates in order to tame inflation. 

Verge crypto’s charts would show the token’s struggle to shake off the bearishness and lack of upward momentum. The Verge crypto is still waiting for its breakout moment as the RSI continues to showcase a dip. On 22 August, the RSI of Verge crypto stood at 33.12 during the intra day indicating that the assets are in the over-sold position.

Image Credit: Trading View 

Even the MACD indicator shows a lack of momentum in the token, as when the token has witnessed green, it hasn’t been able to sustain the run. As a result, the signal line has managed to climb above the MACD line showcasing that bears are stronger than bulls. 

How is Verge crypto faring?  

The 373rd-ranked token on 22 August was trading at US$0.003231 with a trading volume of US$21,33,599 over a day. The XVG token on Monday enjoyed a live market cap of US$5,33,36,905 with 16,51,02,33,438 XVG coins in circulation. 

The objective of the Verge crypto is to increase its mainstream adoption and it depends on community support to be able to scale. The market participants would be hoping that Verge crypto can reverse its performance soon, but the volatile market situation isn’t giving it breathing space. 

Therefore, it’s imperative that as a market participant, one does proper market research, especially in volatile scenarios to ensure that they don’t take any decision based on conjecture or lack of understanding of the market.

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