• The bears are in dominance of the market.
• Traders may consider selling to the next key support at $0.0088
Supply zone: $0.0088, $0.0090, $0.0094
Demand zone: $0.0084, $0.0082, $0.0080
XVGUSD Medium-term Trend: Bearish
Verge is in a bearish trend in its Medium-term outlook. The coin which has been in a range bound market is now experiencing a trend reversal as the pressure from the bears moved the price of Verge from $0.0090 as the low of yesterday to $0.0085 in the demand area.
The formation of a bearish inverted pin bar at $0.0090 is an indication that the bears are returning to the market and change the momentum in price of the coin, after which there was a cross over and moved the price down south at $0.0089 in the demand area.
The pressure from the bears dropped the price of the coin to $0.0084 below the two exponential moving averages, in the demand area. This suggests that the bears are still in dominance of the market.
The signal from the stochastic oscillator pointing downwards at around level 16% in the oversold area implies that a trend reversal may likely to occur and change the momentum in price of the coin.
XVGUSD Short-term Trend: Bearish
Verge is in a bearish trend in its short-term outlook. The formation of a bearish grave stone doji candle at $0.00907 and a bearish pin bar at $0.0091 in the supply area is an indication that the bears are in charge of the market and a trend reversal may likely occur.
The bears’ pressure further pushed the price down south at $0.0086 with a long bearish candle below the two moving averages.
The journey continues down south and moved the price to $0.0084 in the demand area.
Price is below the two moving averages, this suggests that the bears are in control of the market.
The signal from the stochastic oscillator pointing up at around level 20% in the oversold area is an indication that momentum in price of the coin is likely to change in the future.
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