• The medium-term outlook continues in a range-bound market.
• The bulls remained in control of the market within the range.
Supply zones: $0.0096, $0.0098, $0.0100
Demand zones: $0.0082, $0.0080, $0.0079
XVGUSD Medium-term Trend: Ranging
VERGE medium-term outlook continues in a range-bound market. $0.0095 was the high yesterday, as the bulls remained in control within the range. The close of the 4-hourly candle with a doji suggests exhaustion of a bearish momentum, hence bulls’ brief returned.
Although the 4-hour opening candle was bearish at $0.0089 in the supply area, exhaustion gradually set is as the bulls stage a returned signaled by the doji, an indication of a trend reversal.
The momentum in price of Verge moved up to $0.0091 in the supply area by the bulls as it enters the range.
With price above the EMA-4, its wick touching the EMA-50 at the supply area and stochastic oscillator pointing upwards at around level 37% ,suggests that the bulls may dominate the range in the medium-term.
VERGE is ranging and trading between $0.0096 in the upper supply area and $0.0082 in the lower demand area of the range.
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: Bullish
XVGUSD is in a bullish trend in its short-term outlook. Today’s market opens on a bullish note. Market opens at $0.0089 in the supply area. The journey up north continues as the bulls moves the price up to $0.0092 with a large bullish candle and broke the two EMAs in the supply area.
Brief returned by the bears moved the price down to $0.0089 with the formation of an inverted pin bar an indication of a trend reversal, hence the bulls returns and moves the price up to $0.0090 in the supply area.
Price is above the two EMAs, the stochastic oscillator signal pointing upwards at around level 58% suggests the momentum in price of Verge might remained in control of the bulls.
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