• The price of Verge is likely to encounter a price breakout or a price breakdown in view of a long period of range bound movement.
• A bullish break at the $0.0109 will make the crypto rally above the $0.0110 price level.
• A bearish break at the $0.0074 will depreciate the crypto to a low below $0.0070 price level.
Supply zones: $0.0100, $0.0105, $0.0109
Demand zones: $0.0079, $0.0074, $0.0070
XVGUSD Medium-term Trend: Ranging
XVGUSD remains in a range-bound market in its medium-term outlook. The bearish momentum at $0.0076 in the demand area was lost during yesterday session.
Today’s 4-hourly open candle at $0.0078 which is bullish returned the cryptocurrency back within the range. The coin is initially up at $0.0083 in the demand area.
Price is above the EMA-4 and the stochastic signal pointing up at around level 41% implies that the coin is in an uptrend within the range.
XVGUSD is in consolidation and trading between $0.0109 in the upper supply area and $ 0.0074 in the lower demand area of the range.
A breakout at the upper supply area or a breakdown at the lower demand area may occur; hence patience is required to allow this to happen before a position is taken.
XVGUSD Short-term Trend: Bullish
Verge is in a bullish trend in its short-term outlook. The 1-hourly Doji candle at $0.0078 formed today as the session opens signal a trend reversal; hence the bulls’ brief return. Pressure from the bulls moves the price up at $0.0082 in the supply area within the range.
The bears’ brief return with an inverted pin bar an indication of a new trend reversal dropped the coin back to $0.0078 in the demand area.
$0.0081 in the supply area is as a result of the bulls’ brief return. The 1-hour time frame has shown that double bottom chart pattern has formed, which signal a bullish trend.
Price is above the EMA-4, this implies that the momentum in the price of verge is in an uptrend. The stochastic signal pointing down at 38% suggests that there might be a trend reversal in the price of verge in the future in its short-term. Hence patience is needed to allow this to occur before taken a position.
PLEASE NOTE: Dapplife.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.