• The Medium-term outlook continues in a bearish trend
• Responsible selling may be considered at the key areas.
Supply zone: $0.0090, $0.0092, $0.0094
Demand zone: $0.0084, $0.0080, $0.0076
XVGUSD Medium-term Trend: Bearish
XVG is in a bearish trend in its medium-term outlook. The coin is in a descending channel with bullish exhaustion at $0.0087 during yesterday session.
The spinning top bar formation shortly after today’s opening is an indication that trend reversal may likely occur.
Verge is initially down at $0.0087 in the demand area below the two exponential moving averages as the journey down the lower line has already begun. This implies that the bears are in control of the market.
The stochastic oscillator signal pointing downwards at around level 43% is an indication that the momentum in price of the coin is in a downward trend.
XVGUSD Short-term Trend: Bearish
Verge is in a bearish trend in its short-term outlook. The bears sustained the pressure from $0.0089 to $0.0088 in the demand area after today’s opening.
Price is below the exponential moving average-4 with its wick touching the exponential moving average-50, an indication that the bears are still in control of the market.
stochastic signal pointing downwards at around level 30% suggests a downward momentum in the price of Verge.
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