• The Medium-term outlook continues in a range –bound market
• The bears remained in control of the market within the range.
Supply levels: $0.0096, $0.0098, $0.0010
Demand levels: $0.0080, $0.0078, $0.0076
XVGUSD Medium-term Trend: Ranging
VERGE medium-term outlook continues in a range-bound market. $0.0095 in the supply area was the high while $0.0089 was the low attained yesterday.
Pressure from the bears dropped the price from $0.0093 in the supply area to $0.0089 as the market opens today.Price hovers around the two EMAs an indication undefined control of the market between the bulls and the bears as the cryptocurrency consolidates.
The stochastic oscillator pointing downwards at around level 45% suggesting the bears may dominate the market sooner.
XVGUSD is in consolidation and trading within $0.0096 in the supply area and $0.0084 in the demand area.
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.
XVGUSD Short-term Trend: Bearish
Verge is in a bearish trend in its short-term outlook. Today’s market opens on a bearish note. Market opens at $0.0093 and the bears have pushed price down to $0.0090. The bearish pressure broke the EMAs crossover with a large bearish candle and the coin fell to $0.0089.
Each touch on the trend line gives a bounce as shown in the chart at $0.0092 and fell to $0.009 in the demand area.
The stochastic oscillator signal pointing upwards at around level 34% suggests that the price of Verge might get to the trend line before the bears returns.
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