Binance has recently unveiled a new altcoin that offers the capability of conducting transactions with leverage of up to 20x.
Binance has made an exciting announcement regarding various altcoins.
The renowned exchange revealed its support for both the WOO Network and Polygon Networks , expanding its offerings . Additionally, Binance introduced new margin pairs involving the privacy-centric cryptocurrency XVG . In accordance with their official statement Binance will be listing a fresh futures pair for XVG. Starting from July 5th , high-risk users on Binance will have access to XVG and can purchase positions with leverage of up to 20x. As a result of this leverage announcement, the price of XVG experienced a significant double-digit increase in value .
XVG price has been moving up for about 2 weeks with the increase in volume after breaking the downtrend . In this process , the XVG coin, which increased 373%, saw $ 0.099, and its instant price is $ 0.061 . The rally continues so far and XVG price has not experienced a major correction. The support zone for the correction is the $0.041 level . The resistance points are respectively. $0.080-0.16$-0.37$.
Will the XVG rally continue?
While the remarkable surge is evident, certain skeptics have raised concerns regarding the sustainability of this growth. The Verge has faced controversies in the past , including a 51% attack that led to over 560,000 block reorganizations . Some critics argue that the passionate and determined community is the sole reason for The Verge’s survival . However , there are valid reasons why investors are rallying behind this distinctive altcoin .
Whales possess significant market influence due to their substantial capital holdings. In some instances , they target projects that once had large and active communities . Recent developments highlight how DYDX and GRT prices have dropped by more than 5% independent of overall market trends—a result of whale-driven sell-offs .
Regarding The Verge, it is plausible to speculate that this scenario might have unfolded. Previously a flourishing project with a strong community , The Verge has experienced a decrease in active development, leading some to deem it as a “dead project.” Nonetheless, the coin has retained its dedicated followers , making it an attractive target for market manipulation by whales .
The Verge’s recent rise in price is reminiscent of its May 2021 awakening
The recent surge in value was bolstered by the highest trading volume seen since 2021. Notably, The Verge reached its lowest point on June 10, 2023, but has steadily climbed thereafter . While it is evident that the crypto market is currently dominated by bullish sentiment, it is crucial to exercise caution when approaching such rapid growth . The current volatility could potentially be attributed to market manipulation orchestrated by former whales aiming to offload their holdings amidst heightened trading volume and rising prices .