• The medium-term outlook is in a range-bound while the short-term outlook is in an uptrend.
• Patience is required in trading the consolidation.
Resistance levels: $0.0100, $0.0105, $0.0109
Support levels: $0.0074, $0.0070, $0.0060
XVGUSD Medium-term Trend: Ranging
VERGE medium-term outlook continues a range-bound market. The Bulls dominated the market yesterday making a low of $0.0076 in the support area during yesterday session.
Although the 4-hour opening candle today at $0.0079 in the support area was doji, a trend reversal signal.
With the price of XVGUSD hovering around the two EMAs the stochastic signal pointing up at around 47%. These suggest that the bulls may dominate the range in the medium-term.
XVGUSD is ranging and trading between $0.0.0074 in the support area and $0.0109 in the resistance 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
The coin is in an uptrend in its short-term outlook. The 1-hourly candle opens today on a bullish note at $0.0078 in the resistance area. The bullish candle formation was an indication of the bulls’ returned shortly after today’s opening.
Verge is initially up at $0.0080 in the supply area above the two EMAs as the journey up the trend has already begun.
The stochastic signal points down at around level 78% suggests that the momentum in the price of Verge is likely to experience a downward trend in the short-term.
Hence, patience is needed to allow this to happen before placing a trade.
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