ALT: Will The Bear Momentum Continue For Verge?

MD: Verge price may still need more time before it recovers to its original position.

Verge (XVG) price has been in the same range for the past week with not much improvements.

Verge (XVG) is a cryptocurrency on the blockchain platform created to provide improvements for opensource blockchain applications. The price of XVG has taken a severe downturn in the current bearish market, though the bulls are trying hard to regain their lost position. The price of Verge is still undergoing a lot of fluctuations as seen from the 5-day chart, where the price was as high as $ 0.0064 on July 20 and was at a low of $ 0.0059 on July 19 indicating that the price is striving hard to find stability.

The bears are still on a rampage though the bulls are gaining ground. On July 19, the price was at a low of $ 0.0059 which then shot up to $0.0064 on July 20 within a span of 23h 55m to the extent of 9%. The bear sentiment set in and the price fell to $0.0059 on July 21 within 20h 35m to the tune of 7.30%. The price then slowly recovered to $0.0062 on July 22 within 11h 20m to the extent of 5.41%. Within 12h 20m on the sane day, the price had fallen to $ 0.0058, downward movement being 7.30%. Today the price has slightly recovered to trade at $0.0060 indicating a movement of 3.45%. This shows that though the bulls are trying hard to regain the lost position the bears are still strong to pull the price downwards. The sentiment is expected to last for some more time till the market shows stability.

Verge has still a long way to go before it regains its lost position. Analysts expect the short-term trend to be bearish though medium-term looks a little better for the coin. They have kept a target of $ 0.01 for the year end and expect the crypto market to recover by then. Till then, the outlook does not look very promising for Verge though the coin has huge potential.