• The Medium-term outlook continues in a range-bound market.
• The bulls remained in control of the market within the range.
Supply zones: $0.0100, $0.0105, $0.0108
Demand zones: $0.0076, $0.0071, $0.0068
XVGUSD Medium-term Trend: Ranging
VERGE continues in a range-bound market. The bulls increased momentum pushed price up to $0.0080 in the supply area, breaking the two EMAs within the range as the market opens yesterday. The momentum was lost as exhaustion sets in coupled with the gravestone doji that signaled the bears returned.
The cryptocurrency dropped to $0.0078 in the demand area before the end of yesterday session as the coin returned back within the range.
Today’s 4-hour opening candle at $0.0076 was bullish as the bulls remained dominant in the market. XVGUSD rose further to $0.0078 in the supply area. The price hovers around the two EMAs and the signal of the stochastic oscillator points down at 64% an indication of downward momentum within the range in the medium-term an indication that the momentum in the price of XVGUSD might experience a reversal in trend.
XVGUSD is in consolidation and trading between $0.0108 in the upper supply area and at $0.0071 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area followed by a retest may occur hence patience is required to allow this to happen before a position is taken. XVGUSD
Short-term Trend: Bullish
The cryptocurrency is in a bullish trend in its short-term outlook. The cryptocurrency is in an ascending channel with bearish exhaustion at $0.0074 in the lower demand area.
The bullish candle formation at $0.0076 is an indication of the bulls returned as the 1-hourly session opens today.
XVGUSD is initially up at $0.0078 in the supply area above the two-EMAs as the journey up to the upper supply area has already begun.
The stochastic oscillator signal points up at 49 %. This suggests an upward momentum in price in the short-term.
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