• The Medium-term and the short-term are in a bearish trend.
• Responsible selling may take place at key areas.
Supply zones: $0.0085, $0.0087, $0.0090
Demand zones: $0.007, $0.006, $0.005
XVGUSD Medium-term Trend: Bearish
The cryptocurrency is in a downtrend in its medium-term outlook. The break down at $0.0063, lower demand area of the range during yesterday session was the initial signal of the bears’ strong pressure. XVGUSD dropped to $0.006 in the demand area before a further downward movement was temporarily rejected before the session closes yesterday.
The bearish candle at $0.0064 at the demand area and subsequent breakdown at the EMA-4 pushed price down to $0.0063 as the session opens today.
Price of Verge is down at $0.0062, at the lower demand area. With the price below the EMA-4 and the daily stochastic signal pointing down at level 12% in the oversold region suggests that the momentum in the price of the coin is in a downtrend.
XVGUSD Short-term Trend: Bearish
On the 1-hour chart, the XVGUSD price is in a bearish trend zone. $0.0073 was yesterday bearish 1-hour opening price. The momentum was sustained with the bearish maribozu candle at $0.0064 breaking the two EMAs with the cryptocurrency further down to $0.0062 in the demand area as the low of the day during yesterday session.
The 1-hour opening candle today is on a bearish note at $0.0065 in the demand area. The coin is already down at $0.0063 in the demand area. Price is below the EMA-4 at the lower demand area indicates that the bears are in control of the market.
The stochastic signal confirms this with its signal pointing down at level 46%, an indication of a downward trend in the price of VERGE in its short-term perspective.
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