With an ATH of 0.30059usd, XVG has moved down to a low of 0.0231usd. With a lot of news around the coin, it has maintained its price range within 0.3usd down to 0.002usd.
To determine the trend in price of this coin, a chart will be used called INVERTED HEAD AND SHOULDER.
Head-and-shoulders bottoms are reliable chart patterns that sport a low failure rate and good average rise. The head and shoulders (HS) bottom, or inverse head and shoulders, occurs after a downtrend, and signals an uptrend may be starting or underway. The pattern is created by a swing low, followed by a rally, a lower swing low, a rally, and then a higher low
If the neckline is flat or angled down, long positions are often taken when the price moves above the neckline. This is the breakout point and signals the pattern is complete. If the neckline is angled up, enter long when the price moves above the latest rally high (the most recent of the two) within the pattern.
Price trend Downward leading to the pattern. The shape looks like a 3-valley pattern with the middle valley below the others. The pattern should look like an inverted person's head and shoulders, proportional, and not lopsided.
The two shoulders should bottom near the same price, be nearly the same distance from the head, and look similar (both wide or both narrow).
The pattern confirms as a valid one when price closes above a down-sloping neckline or above the right armpit when the neckline slopes upward.
Technicals suggests that the pattern is not completed, still needs to me completed with the right shoulder. Only when ther right shoulder is completed and price has broken out of the neckline and has close above it that will only give a signal to buy.
SELL: 0.225usd - 0.323usd
STOP LOSS: 0.04277usd
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.