Verge is all set to undergo halving on the 26th January 2021. We all know how BTC reacted after the halving on the 11th May 2020. There was an impressive rally in BTC price after its halving. Could we see a similar rise in XVG price?
What is halving?
Halving is the milestone where the block rewards for mining a coin are cut by 50%. For instance, if you were getting 100 coins for mining a block of a particular blockchain, after the halving event, this reward will be dropped to 50 coins per block.
When does halving take place?
When a particular block size is reached, the block rewards are cut in half. So as we mine more and more coins the mining complexity increases and lesser rewards are given out.
When is XVG halving scheduled?
XVG halving is expected to take place on 26th January. The rewards will be halved when block number 4700000 is reached. This may take place just after midnight on 26th January 2021. Each block takes approximately 30 seconds to mine.
What would be the rewards after halving?
The current rewards for mining a block is 200 XVG. This reward will be changed to 100 after block number 4700000 is reached.
Generally, halving is followed by a rise in price as the supply of new coins is cut to half per block than what it was before. So if we have the same demand for the coin with a reduced supply, the price tends to appreciate.
Let us review the chart for XVG to look at possible targets.
XVG/USD – Price Prediction
XVG is currently trading at a support of $0.01118. If it can hold this support, we could start seeing a move towards $0.01432, $0.01625, $0.01625, $0.01782 and $0.01938. If we can clear this range it opens the doors for a move towards $0.03265 and $0.04592. Failure to hold the current support could lead to a drop towards $0.009604.
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