• The long-term outlook continues in a range-bound market.
• The bears remained in control of the market within the range
Supply zones: $0.0100, $0.0105, $0.0109
Demand zones: $0.0082, $0.0081, $0.0075
XVGUSD Medium-term Trend: Ranging
XVGUSD continues in a range-bound market in its medium-term outlook. $0.0099 was the high yesterday as the bears remained in control within the range. The close of the day at $0.0087 at the demand area broke the support line down due to the pressure from the bear. The bears’ pressure led to a drop in price to $0.0076 in the demand area.
The bullish 4-hour bullish pin bar candle open today at $0.0087 is an indication of a continuing trend. The momentum in the price of VERGE drop to $0.0081 in the demand area by the brief bears’ pressure. XVGUSD dropped further to $0.0078 in the demand area.
Price is below the two EMAs with its wick below the support line and the stochastic oscillator signal pointing down at around level 33%, an indication of downward 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: Bearish
The cryptocurrency is in a downward trend in its short-term outlook. $0.0085 at the demand area made the close of the day during yesterday session.
The 1-hourly candle opens today at $0.0085 was bullish. The bears’ brief returned drop the coin to $0.0083 in the demand area within the range.
The journey down south continues as the bears move the price down to $0.0079 in the demand area.
XVGUSD is initially down at $0.0078 below the EMA-4 in the demand area. The stochastic signal pointing down at around 18% in the oversold region suggests that the momentum in the price of VERGE is in a downward trend in the short-term.
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