• The medium-term outlook remains in consolidation.
• The bears may continue the journey to the lower demand area.
Supply zones: $0.0096, $0.0098, $0.0100
Demand zones: $0.0082, $0.0080, $0.0078
XVGUSD Medium-term Trend: Ranging
VERGE medium-term outlook remains in a range-bound market. The bears exercised strong pressure at $0.0092 in the supply area during yesterday session returned the cryptocurrency back within the range. XVGUSD dropped to $0.0087 in the demand area.
The spinning top bar formed at the demand area returned the bulls with price back within the range at $0.0087. The bearish 4-hour opening candle at $0.0087 sustained the bearish momentum with price down at $0.0083 in the demand area.
Price is below the two EMA’s with its wick torching the EMA-50 and the stochastic oscillator signal pointing down at around level 37% suggests downward momentum in the coin price in the medium-term.
VERGE is ranging and trading between $0.0087 in the supply area and at $0.0082 in the lower demand area of the range. Patience coupled with a retest is needed before a position is taken.
XVGUSD Short-term Trend: Bearish
The cryptocurrency is in a bearish trend in its short-term outlook. The cryptocurrency is in a downward trend with bullish exhaustion at $0.0090 in the lower demand area
The gradual returns from the bears led to a drop in price to $0.0085 in the demand area.
XVGUSD is initially down at $0.0085 in the demand area below the two EMA’s as the journey downwards continues.
The stochastic oscillator signal is pointing down at around level 44%. This suggests a downward momentum in price in the short-term.
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