• The medium and short-term outlook continues in a range-bound market.
• Patients should be exercised in trading the consolidation.
Supply level: $0.0080, $0.0090, $0.010
Demand level: $0.0067, $0.0062, $0.0060
XVGUSD Medium-term Trend: Ranging
XVGUSD is in a range-bound market in its medium-term outlook. The bulls lost momentum after the impulsive price movement to $0.007 in the supply area during yesterday session. The drop to $0.006 pushed the cryptocurrency into a range-bound market during yesterday session.
The bullish 4-hour opening candle at $0.0067 sustained the bullish momentum with price up at $0.0069 in the supply area, the price rose to $0.0069 in the supply area by the bulls’ pressure.
$0.0089 in the supply area is the bulls target in the medium-term with price above the EMA-4; this suggests strength in the context of the trend and in this case the uptrend.
However, the stochastic signal pointing down at 25% in the oversold region is an indication that the momentum in the price of Verge may likely change in the days ahead, hence traders need to exercise patience to allow this to happen before taking a position.
XVGUSD Short-term Trend: Ranging
The coin is in a sideways movement in its short-term outlook. $0.0065 was yesterday bearish 1-hour opening price. The momentum was sustained with the bearish pin bar candle at $0.0064 in the demand area with the cryptocurrency further down to $0.0063 as the low during yesterday session.
The coin is already up at $0.0067 as the bulls stage a return. The formation of a bearish inverted pin bar at $0.0067 at the lower demand area is an indication of a likely change in the momentum of price in the days ahead.
The stochastic oscillator confirms this with its signal pointing up at level 28% in the oversold region.
$0.008 is the upper price range while $0.0062 is the lower price range. A breakout or a breakdown may occur hence patience is required before taking a decision.
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