• The Medium-term outlook continues in a range-bound market
• Patience should be exercised trading the consolidation.
Supply levels: $0.0100, $0.0105, $0.0109
Demand levels: $0.0085, $0.0082, $0.0080
XVGUSD Medium-term Trend: Ranging
VERGE is in a range-bound market in its medium-term outlook. The bears dominated the market making a low of $0.0089 in the demand area during yesterday session.
The 4-hour opening candle today at $0.0092 was bearish, exhaustion gradually set in as the bulls stage a return signaled by the pin bar formed at the close of yesterday session, an indication of a trend reversal.
The momentum in the price of XVGUSD is up at $0.0094 in the supply area within the range. With price above the two EMAs the stochastic oscillator pointing upwards at around level 20% in the oversold region, suggests that the bulls may dominate the range in the medium-term outlook.
VERGE is ranging and trading between $0.0109 in the upper supply area and $0.0082 in the lower demand area within the range. A breakout at the upper supply area or breakdown at the lower demand 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
The cryptocurrency is in a bullish trend in its short-term outlook. The bullish hammer formation at $0.0092 in the supply area signaled the bulls’ returned.
The pressure from the bulls moves the price of XVGUSD up from $0.0093 to $0.0094 in the supply area within the range.
XVGUSD is initially up at $0.0094 in the supply area above the two EMAs and the stochastic oscillator signal pointing upwards at around level 73% in the overbought region suggests the bulls might remain in control of the coin in the future.
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