• The medium-term outlook is in a range-bound market.
• The bears remained in control of the market.
Supply zones: $0.0100, $0.0105, $0.0109
Demand zones: $0.0085, $0.0082, $0.0080
XVGUSD Medium-term Trend: Ranging
VERGE remains in a range-bound market in its medium-term outlook. The bullish momentum was lost at $0.0107 in the supply area, the large bearish candle at $0.0109 returned the cryptocurrency back within the range before the end of yesterday session.
$0.0092 in the demand area was low as the bears dictate the market within the range. Today’s 4-hourly candle at $0.0094 opens on a bearish note. The momentum in price continues down south as the bears drop the price to $0.0089 in the lower demand area within the range.
Price is below the two EMA’s and the signal of the stochastic oscillator down at around level 47% in the overbought region implies that the price of the coin may retest the lower demand area of the range.
XVGUSD is in consolidation and trading between $0.0109 in the upper supply area and $0.0082 in the lower demand area of the range. A breakout at the upper supply area or a breakdown at the lower demand area may occur hence, patience is required to allow this to happen before taking a position.
XVGUSD Short-term Trend: Bearish
Verge Is in a downtrend in its short-term outlook. The break of the two EMA’s at $0.0090 with a bearish candle at the lower demand area implies the momentum in price is in a downtrend.
XVGUSD dropped to $0.0093 and later to $0.0090 in the demand area due to increasing bearish momentum.
Price is below the two EMA’s and the stochastic oscillator pointing down at around level 10% in the oversold region. These suggest downward momentum in the price of the cryptocurrency in the short-term.
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