• The medium-term and the short-term are in a range-bound market.
• Patience is required at this period.
Supply zones: $0.0090, $0.0095, $0.0098
Demand zones: $0071, $0.0060, $0.0050
XVGUSD Medium-term Trend: Ranging
VERGE long-term outlook continues in a range-bound market. $0.0080 was the high during yesterday session as the bears remain in control within the range. The close of the day with an inverted pin bar at $0.0076 in the demand area suggests exhaustion of the bullish momentum hence bears’ brief returned.
The bears’ pressure dropped the coin to $0.0075 in the demand area as the 4-hourly session opens today.
XVGUSD initially dropped to $0.0074 in the demand area within the range.
With the price below the two EMAs and the stochastic signal pointing down at level 54% implies that the momentum in the price of VERGE is in a downtrend within the range in its medium-term.
XVGUSD Short-term Trend: Ranging
On the 1-hourly chart, the price of VERGE is in a sideways trend zone. The price of XVGUSD is currently trading between the levels of $0.0080 in the supply area and $0.0071 in the demand area.
However, if the support level is broken, the crypto will depreciate to a low at $0.0.0070 price level. XVGUSD is down initially down at $0.0075 below the two EMAs.
Meanwhile, the price of VERGE is in the oversold region of the daily stochastic pointing down but below the 40% range. This indicates that the price is in a bearish momentum and sell signal.
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