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Sell the News? Verge Token Drops After Porn Partner Reveal
Verge's XVG token is fast losing altitude after today's Pornhub partnership announcement.
Por Omkar Godbole
Verge's XVG token is witnessing a classic "sell the news" trade.
The privacy-focused token ran into offers after the news hit the wires at 10:00 EST that Pornhub, the biggest website in the porn industry, would accept XVG as a mode of payment, officially putting an end to rumors of a breakthrough partnership that have been in the air since late March.
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Developers had been doing their best to fan the flames, billing the announcement as one of the biggest cryptocurrency collaborations to ever hit the market, and investors responded by pouring money into XVG (buy the rumor), pushing it higher by more than 300 percent in the last two weeks.
Now that the partnership is officially confirmed, however, the token is taking a hit possibly due to profit taking (sell the fact).
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As of writing, XVG is changing hands at $0.07 on Bittrex - down 30 percent from the intraday highs. The price chart analysis indicates rally from the March 18 low of $0.023 has topped out and XVG risks bearish reversal.
XVG Daily chart
XVG has created a bearish outside day candle (today's high and low engulf previous day's price action), signaling a temporary top is in place at $0.11810955.
That said, only a negative close (as per UTC) on Wednesday, preferably below the ascending trendline, would signal bearish reversal/bullish-to-bearish trend change.
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- A bearish reversal would open up downside towards $0.03 (Feb. 6 low).
- A strong defense of the ascending trendline over the next few days would shift risk in favor of a re-test of $0.12 (today's high), although only a close above the said level would signal resumption of the bullish move.
Printing press image via Shutterstock
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