• The medium-term is in consolidation while the short-term trend is bullish
• Patience is required at this period.
Supply zones: $0.0100, $0.0105, $0.0108
Demand zones: $0.0075, $0.0070, $0.0065
XVGUSD Medium-term Trend: Ranging
The coin continues in a range-bound market in its medium-term outlook. The bullish momentum returned within the range yesterday after a drawdown of $0.0071 in the demand area by the bulls. With the formation of a bullish marubozu candle $0.0072, the price rose to $0.0077 in the supply area during the yesterday session.
The 4-hour opening candle today at $0.0079 in the supply area was bullish. This was further increased to $0.0080 in the supply area. An indication that the price of VERGE is in a bullish momentum within the range.
With the price above the two EMAs and the stochastic signal pointing up at around level, 71% suggest that XVGUSD is in control of the bulls within the range in its medium-term.
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.
The cryptocurrency is in an uptrend in its short-term outlook. The 1-hourly
XVGUSD Short-term Trend: Bullish
candle opens today on a bullish note at $0.0074 in the supply area and broke the two EMAs. The increasing momentum by the bulls pushed the price of XVGUSD up to $0.0077 in the supply area.
VERGE is initially up at $0.0080 in the supply area above the two EMAs, and the stochastic oscillator pointing up at around level 73% these suggest that the price of XVGUSD is in an uptrend in its short-term outlook.
However, the price at around fib 80.6 as shown in the chart indicates a deep trend reversal region, a movement to the downside may occur in the days ahead. Hence patience is required before taking a position.
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