• The medium-term outlook is in consolidation while the short-term outlook is in a down trend.
• Patience should be exercised taking the consolidation for a breakout or a breakdown to occur.
Distribution levels: $0.0094, $0.0096, $0.0098
Accumulation levels: $0.0088, $0.0086, $0.0084
XVGUSD Medium-term Trend: Ranging
VERGE continues in a consolidation trend in its medium-term outlook. The pin bar candle at $0.0091 after yesterday opening returned the bulls. Today’s opening candle at $0.0093 in the distribution area, opened bearish.
The bears’ momentum moved price down to $0.0089 in the accumulation area within the range.
The momentum within the range may be sustained towards the lower price range by the bears as price stands below the two EMAs and the stochastic oscillator signal pointing downwards at around level 44% in the overbought region, these is an indication that the bears are in dominance of the coin within the range.
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 $0.0092 with a spinning top candle in the distribution area; this led to a reversal in trend hence bears returned.
The bears have pushed the price down to $0.0091. The bearish pressure broke the two EMAs crossover and fell the coin down to $0.0089.
Each touch on the trend line gives a bounce as shown in the chart at $0.0092 and fell to $0.0089 in the accumulation area.
The stochastic oscillator signal pointing downwards at around level 16% in the oversold region suggests that the price of Verge might get to the trend line before the bulls returns.
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