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Cryptocurrency (Coins)

Verge (XVG Coin): Secure, Anonymous & Private Cryptocurrency Benefits?

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About The Verge (XVG) Project

Verge is an altcoin with a purist and determined reach. What exactly is Verge? Essentially a copy of Bitcoin “with improvements,” Verge makes much of two fundamental essentials built into the project – anonymity and security.

Unfortunately for the coin’s future prospects, hackers have twice pseudo-forked the project, and trading on a bug that allows repeat transactions for a brief period using false timestamps, stolen vast amounts of money.

Designed to carry the original ethos of a people’s currency for everyday use, it aims at rapid and painless settlement of transactions anywhere in the world. The project claims an improvement on the original Bitcoin decentralized ledger as a completely autonomous and anonymous currency, able to facilitate major and minor purchases on a global, daily scale. Driven by the desire to see blockchain transactions dominate human activity as the default transaction method, the currency first came about in 2014 when it was called DogeCoinDark. It was rebranded to Verge in 2016.

Claiming the ability to handle B2B as well as P2P payments on any scale, the altcoin aims at an efficiency and speed that eluded Bitcoin after serious adoption. In the developers own words, the “grassroots culture” of the digital currency is what makes Verge “unique and dynamic.”

As the world watches altcoins grapple with limitations and some dead ends too, they might have a point. Adamant that the twin pillars of security and privacy should dominate a coin’s ethos, it can be argued that those attributes do indeed allow for greater flexibility for a tokenized coin. It is therefore most unfortunate that the altcoin has suffered the twin thefts it has.

Similar to an attack experienced by the Verge network not more than two months ago, an attack on the network was again successful on May 22, 2018. Once again, Verge developers are downplaying the severity of the attack which saw over $1.1 million in XVG lost in the first and around 35 million XVG ($1.75 million) stolen in the latest one.

Observers have criticized the team’s stance, pointing out that the base problem remains and that the bug fix that Verge applied after the attack doesn’t eliminate the prospect of it being repeated, a fatal observation for any altcoin. The XVG price declined around seven percent immediately after the latest attack.

Ranked as the 31st-largest cryptocurrency in the world, Verge has a circulating market cap of around $752 million. It was recently reported that the company has closed a deal to partner with a high-profile owner of the largest online adult entertainment sites, that will allow users to pay for content using XVG.

Why Is Verge Better?

Assuming the project can eliminate opportunism by tightening security, Verge is a better Bitcoin because it anticipates problems of scaling and other user issues. That said, with an embarrassing lapse like coding in the ability to get on chain and steal funds without employing phishing or other peripheral user weaknesses, it remains to be seen whether the project has the technical competence to truly generate a global currency.

Verge does streamline transactions better than Bitcoin, for example, and Verge employs “multiple anonymity-centric networks such as TOR and I2P” to optimize anonymity. In theory, Verge should be an all-round better Bitcoin, with highly sophisticated cloaking and messaging protocols at play. For businesses, the altcoin aims to become a one-click payment methodology, and so too for peer to peer transactions, as well as a user’s daily small purchases of whatever nature.

It remains hard to depict why the altcoin might be better than others when the worst possible scenario has manifested on the network twice, but in their favor the new development focus from the community is likely to finally address the ultimate vulnerabilities of the coin. Add to that the signing of some big business, its world ranking and demonstrable core value, and it becomes easier to see where Verge has improved on Bitcoin and how it could one day become the top-ranked digital currency.

The Verge Team

Verge Currency is a completely open-source software project and “not a private company funded through an ICO or pre-mining.” Development and marketing effort is supported by thousands of community members. The white paper, referred to as the “black paper” by the company, outlines the contributions of literally hundreds of people in some form or another, gives the author as CryptoRekt and the Verge Development Team as Sunerok, Gfranko and CryptoRekt. A few dozen notable contributors then follow too, highlighting the most significant builders of the network.

Our Final Thoughts on the Verge XVG Cryptocurrency

With the persistence of open-source development and an admirable determination to succeed, Verge’s prospects of becoming a standardized payment method one day are good. This is enhanced by the signing of particularly the online adult entertainment deal, as that industry is lucrative and sophisticated, demanding a very fluid transactional capacity, among other things. The privacy-centric stance of the cryptocurrency is also likely to find a snug fit with other industries who have privacy concerns too. As a standalone currency appraised on its merits, Verge has better speed and simplicity than others in key arenas and seems destined to avoid any scaling issues ever, based on its rollout so far. User complaints about transaction speeds and messaging are relatively mute too, and the altcoin has managed to improve on a few protocols at play in Bitcoin that have frustrated users.

The need for the network to address fundamental security remains paramount, however. The latest attack was what is known as a “51 percent attack.” Simply explained, the conditions for it falling under this term are that the perpetrators control over half of the computing power or mining hashrate of the network. While in this state of control, the attackers have the capability to inhibit new transactions, halting payments between other members of the network, as well as reversing transactions and thus double-spending coins.

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Ethereum (ETH)

Ethereum Price Analysis: ETH Approaching Significant Support Area

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Ethereum Price Analysis ETH Chart

There was another rejection noted near $265.00 in Ethereum vs the US Dollar. ETH/USD is currently declining and approaching towards a couple of important supports near $254.00 and $250.00.

Key Takeaways: ETH/USD

  • Ethereum price formed a short term top near the $264.4 level and declined against the US Dollar.
  • ETH/USD is currently approaching the $254.00 support and a bullish trend line on the 2-hours chart (data feed from Bitstamp).
  • Bitcoin price remains in an uptrend and it could accelerate gains above the $8,300 level.

Ethereum Price Analysis

Recently, bitcoin price gained momentum and broke the $8,100 and $8,200 resistance levels. However, Ethereum price failed to gain traction and formed a short term top near the $264.4 level.

Looking at the 2-hours chart, Ethereum price started a downside correction from the $264.41 high and declined below the $260.00 level. There was a break below the 23.6% Fib retracement level of the last rally from the $236.89 to $264.41.

Ethereum Price Analysis ETH Chart

Besides, there was a break below the $258.00 level, but the price found support near $255.00. Moreover, the price is approaching the $254.00 support and a bullish trend line on the 2-hours chart.

Below the trend line, the main support is near the $250.20 level and the 50 simple moving average (2-hours, purple). The 50% Fib retracement level of the last rally from the $236.89 to $264.41 is also near the $250.65 level to act as a support.

If there is a downside break below the $250.00 support, the price could extend losses and decline towards the $243.50 zone. The 76.4% Fib retracement level of the last rally from the $236.89 to $264.41 is also near $243.40.

Conversely, if the trend line support holds, the price is likely to start a fresh increase in the coming sessions. An initial resistance is near $260.00 and a connecting bearish trend line. A break above the $260.00 barrier might start a strong rally in Ethereum price above the $265.00 level.

Overall, ETH price is trading with a positive bias as long as it is above $250.00, and it could rise again above $260.00 and $265.00.

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Bitcoin (BTC)

Bitcoin Price Analysis: BTC Setting Up For Another Bull Run

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Bitcoin Price Analysis BTC Chart

After a major decline, bitcoin price started a solid upward move above $7,750. BTC to USD gained momentum above $8,000 and even spiked above the $8,250 resistance area.

Key Takeaways: BTC/USD

  • Bitcoin price formed a strong support above $7,550 and recently climbed higher against the US Dollar.
  • BTC/USD broke the main $7900 resistance and a couple of bearish trend lines on the 2-hours chart (data feed from Bitstamp).
  • Ethereum, ripple, and bitcoin cash also gained momentum and moved into a positive zone.

Bitcoin Price Analysis

After testing the $7,500 and $7,520 levels on multiple occasions, bitcoin price finally started a fresh increase. BTC started an upside reversal after it successful broke the $7,600 and $7,850 barriers.

Looking at the 2-hours chart, bitcoin even broke the main resistance near the $7,900 level to move into an uptrend. Finally, there was a break above the $8,000 level plus a close above the 50 simple moving average (2-hours, purple).

Bitcoin Price Analysis BTC Chart

During the rise, the price even broke the $8,150 resistance and a couple of bearish trend lines on the same chart. A new swing high was formed at $8,266 and the price is currently correcting lower.

It broke the $8,150 level and the 23.6% Fib retracement level of the recent wave from $7,903 to $8,266. However, the price is currently finding a strong buying interest near the $8,060 level.

The 50% Fib retracement level of the recent wave from $7,903 to $8,266 is also acting as a decent support. The main support is near the $8,000 level and a connecting bullish trend line on the same chart.

Therefore, bitcoin price is gaining pace and it remains in an uptrend as long as it is above $7,980 and the 50 simple moving average (2-hours, purple).

On the upside, an initial resistance is near the $8,100 level and a connecting bearish trend line. A successful close above $8,100 might start a strong rise in the coming sessions.

The next major hurdle for the bulls is near the $8,250 level, above which the price might start a rally towards the $8,500 level.

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Price Analysis

Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) Price Analysis June 10th

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Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) Price Analysis June 10th

BItcoin BTC/USD Forecast

Last Friday the price of Bitcoin came up for interaction with the first significant horizontal resistance at $8140. As the interaction ended as a rejection the price was propelled in a downward trajectory and came down to the levels of the prior low at $7576 which was a decrease of around 6.7%. From today's open which was around the mentioned prior low level, the price has increased by 5.43% with strong bullish momentum as the majority of the increase occurred in only one hour but we are now seeing the price struggling to keep up the upward movement slightly lower then on the prior high.

BTC-USD-Market-June-10

Click to see a full size chart

On the hourly chart, you can see that the price encountered resistance, indicated by the wick from the upper side of the last hourly candle and is now likely to keep interacting with the current level as it's retesting it for resistance further. If the price manages to keep up the upward movement we could see a breakout to the upside from the first significant resistance point and to the next on at around $8500.

This would be unlikely if the found resistance proves to be stronger then the currently seen bullish momentum as a rejection at the current levels would likely lead to a lower low below the one made on 5th at $7506. The price spiked to those levels on today's open but a proper interaction with a lower spike would likely occur if the increase was seen would be stopped out at the mentioned first significant resistance as it would mean that from last Thursday we have been seeing the development of the five-wave move to the downside out of the starting downtrend.

Litecoin LTC/USD Forecast

Last Friday the price of Litecoin increased by around 9.6% coming from $109.96 to $120.47 at its highest which has pushed the price above the first significant resistance level at the descending channels resistance. The price came down for a retest of support at the broken level over the weekend and as it found support it continued moving to the upside above the prior high level, coming to $126.8 at its highest point today.

LTC-USD-Market-June-10

Click to see a full size chart

The price came above the 0 Fibonacci level which was the ending point of the prior high and above the next highly significant horizontal level at $122.32 above which it is considered to be the sellers' territory. I was expecting the price to start moving to the downside after an interaction with the first significant resistance at the descending channels resistance but as the price continued increasing further past the other significant resistance point we have likely seen the development of another five-wave move to the upside. As the move looks finished or near completion and especially considering that the price has entered the seller's territory I will be shortly expecting the start of the impulsive move to the downside.

Even though we have seen a five-wave increase I don't believe that its the starting upside wave, but is more likely the second correctional structure after the first one currently labeled as a WXYXZ correction ended. The price did make a higher high but this can also be seen on a corrective move usually ending as a running flat. If we are soon the see the start of an impulsive move to the downside the first significant support zone for the price of Litecoin would be at around $83 area.

Ethereum ETH/USD Forecast

The price of Ethereum has increased from today’s open at $228.8 by 6.59%, coming to $243.4 at its highest point today but has encounterd strong resistance there and is currently being traded slightly below those levels.

ETH-USD-Market-June-10

Click to see a full size chart

On the hourly chart, you can see that the price came down over the weekend below the prior low at around the vicinitly of the 4th wave’s ending point from the previous upside move where it found support as the price immediately started moving impulsively to the upside again.

The rise has been stopped out at the previous horizontal support which now serves as resistance but since a breakout occurred to form the descending triangle which was formed from 30th of May we are likely to see the increase continue for a bit longer before the price continues moving to the downside again.

If the descending triangle was the first structure out of the starting downward move, the increase seen from today could be viewed as a correctional upside move in which case it cannot exceed the 258 level which is around half range between the last Thursdays high and today’s open.

Bitcoin Cash BCH/USD Forecast

Over the weekend the price of Bitcoin Cash has decreased by 8.2% as it came down from $409.2 to $375.6 at its lowest point. From today’s open around the mentioned low level we have seen an increase of 5.36% to $395.7 but the price has encountered resistance as the rise has been stopped out.

BCH-USD-Market-June-10

Click to see a full size chart

On the hourly chart, you can see that the price decreased slightly above the last week’s low at $366.5 made on Wednesday which is why a lower low before the completion of the downward move would be expected if we are seeing the development of the five-wave move to the downside out of the starting downtrend.

If we are seeing the development of the 4th wave it cannot go above the $413 which the price interacted with over the weekend and found resistance there which makes this possibility higher. As the 4th wave is corrective in nature it could mean that today’s increase is still its development which we are to see from the currently encountered resistance interaction.

Conclusion

Over the weekend the prices have continued increasing to their first significant resistance point and have gotten rejected with the price going to the levels from which the increase was made. This movement could have been the end of the first wave from the starting downtrend but a more likely outcome would be that another lower low is coming before we see some major upside correctional movements.

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