• The market is in a consolidation in its medium-term.
• 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
XVGUSD continues in a range-bound market in its medium-term outlook. $0.0094 in the supply area was attained by the bears as the high and $0.0087 in the demand area as low of the day during yesterday session. The close of the 4- hourly candle with $0.0093 was bullish.
Today’s 4-hour opening candle at $0.0093 was bullish as the bulls remained dominant in the market. The bulls increased momentum pushed price up to $0.0094 in the supply area, as the market opens today.
The cryptocurrency is initially up at $0.0096 in the supply area within the range.
Price is above the two EMAs and the signal of the stochastic oscillator points up at around level 43% an indication of upward momentum within the range in the medium-term.
VERGE is ranging and trading between $0.0109 in the upper 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: Bullish
VERGE is in a bullish trend in its short-term outlook. The market opens today at $0.0092 on a bullish note. $0.0094 was high in the demand area before the end of yesterday session.
Today’s 1-hour opening candle at $0.0093 sustained the bullish momentum with price up at $0.0095 in the supply area within the range.
With the coin price initially up at $0.0095 above the EMA-4 in the supply area and the stochastic signal pointing up at around level 81% is an indication that the momentum in the price of XVGUSD is in an upward trend.
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