• The Medium-term 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: $0.0073, $0.0071, $0.0089
XVGUSD Medium-term Trend: Ranging
Verge medium-term outlook continues in a range-bound market. $0.0078 in the demand area was the high attained during yesterday session as the bears remained in control within the range. The close of the 4-hourly candle with a pin bar at $0.0078 in the supply area suggests exhaustion of the bullish momentum hence sellers’ brief return.
The bears’ pressure on the cryptocurrency led to a drop in price to $0.0073 in the demand area with the formation of a doji candle as the market opens today on the 4-hourly session. Price of Verge further drops to $0.0071 in the demand area.
Price is below the EMA-4 around the lower price range, an indication that the sellers are in the dominance of the market within the range.
The stochastic oscillator signal pointing up at around level 26% implies that the price of Verge might experience a change in trend in the days ahead.
XVGUSD is in consolidation and trading between $0.0109 in the upper supply area and at $0.0073 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower 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: Bearish
The cryptocurrency is in a bearish trend in its short-term outlook. The bears exercised more pressure on the coin at $0.0076 with a large bearish candle and broke the EMAs in the demand area as the 1-hourly session opens today returns the cryptocurrency back within the range.
XVGUSD dropped to $0.0071 in the demand area. Price is below the EMA-4 this suggests that the price of Verge is in a downtrend.
With the stochastic oscillator signal pointing up at around level 33% in the oversold region indicates that a change in trend may occur in the days ahead in it’s short-term, hence patience is required to allow this to happen before a position is taken.
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