• The bears remained in control of the medium and short-term outlook.
• Traders may consider selling at bullish exhaustion areas.
Supply zones: $0.0100, $0.0105, $0.0109
Demand zones: $0.007, $0.008, $0.009
XVGUSD Medium-term Trend: Bearish
The coin is in a downward trend in its medium-term outlook. The bears at $0.0081 after breaking down the lower price limit further pushed the price down to $0.0076 in the demand area during yesterday session. The momentum was lost due to the bulls brief returned at $0.0086 shortly before the close of yesterday session.
The 4-hour opening candle today at $0.0082 at the demand area was bearish. The price of XVGUSD further moved down to $0.0075 in the demand area and broke down the lower limit. An indication that the momentum in the price of VERGE is in a downtrend.
The coin initially down at $0.0075, broke down the lower limit and below the EMA-4 suggests that the bears might remain in control of the market.
The stochastic oscillator signal pointing down at around level 23% implies that the price of VERGE is in a downtrend.
XVGUSD Short-term Trend: Bearish
VERGE is in a bearish trend in its short-term outlook. The market opens on a bullish note today at $0.0081 in the supply area. The momentum was lost as the bears’ returned briefly and drop the price to $0.0080 in the demand area.
The pressure from the bears broke the lower limit and further pushed the price down to $0.0076 in the demand area.
Price of VERGE is down at $0.0079 in the demand area below the two EMAs and the lower limit range. An indication that the momentum in price is in a downtrend.
The stochastic oscillator signal pointing up at around level 54% suggest that the price of VERGE might experience a trend reversal in the future. Hence traders may consider selling at bullish exhaustion areas.
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