• A break-up or break-down is imminent.
• Patience is needed to wait for a bullish movement before taking a long position or a bearish movement before taking a short position.
Resistance levels: $0.01, $0.02, $0.03
Support levels: $0.009, $0.007, $0.003
XVGUSD Medium-term Trend: Ranging
Verge is ranging in its medium-term outlook. The price is in a sideways trend zone. The price of Verge is currently trading between the levels of $0.009 and $0.01.
If the support level is broken the coin will depreciate to a low at $0.008 price level.
Meanwhile, the price of verge is in the overbought region of the daily stochastic around level 60%. This indicates that price is in a bearish momentum and a sell signal.
XVGUSD Short-term Trend: Bearish
Verge is in a bearish trend in its short-term outlook. Price at $0.0092 with a bullish spinning top candle in the resistance area is an indication of a trend reversal. The formation of the doji candle at $0.092, in the resistance area which is a signal that the trend is about to change, brought in the bears into the market.
The pressure from the bears pushed the price down south to $0.0090 in the demand area and breaks the two exponential moving averages.
Price at $0.0090 below the two moving averages in the support area suggests that the bears are in the dominance of the coin in its short-term perspective.
However stochastic oscillator signal around level 20% in the oversold region,is an indication that price may still go up and change the momentum in the price of Verge in the future. A break-out or a break-up may occur, hence, traders need more patience before taking a position.
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