• The short-term 0utlook is bearish while the medium-term outlook is I consolidation.
• Traders may consider selling with bearish reversal candles as entry formation.
Supply zones: $0.0080, $0.0090, $0.0100
Demand zones: $0.0075, $0.0071, $0.0070
XVGUSD Medium-term Trend: Ranging
XVGUSD remains in a range-bound market in its short-term outlook. The bullish momentum at $0.0081 in the supply area was lost during yesterday session. $0.0073 in the demand area was low as the bears dictate the market in the range.
The 4-hourly candle at $0.0077 in the demand area opens today on a bearish note. Price further dropped to $0.0074 in the demand area.
The Stochastic oscillator signal pointing up at around level 51% suggests that a change in the trend is likely to occur.
XVGUSD is in consolidation and trading between S0.0109 in the supply area and $0.0071 in the lower demand area of the range.
A breakout at the upper supply area or a breakdown at the lower demand area may occur hence patience is required to allow this to happen before a position is taken.
XVGUSD Short-term Trend: Bearish
On the 1-hour chart, the crypto’s price is in a bearish trend. $0.0077 bullish candle at the supply area opens today’s 1-hourly session.
VERGE drops to $0.0074 in the demand area due to the pressure from the bears. With the price initially down at $0.0074 below the two EMAs is an indication that the momentum in the price of XVGUSD is in a downtrend.
The stochastic oscillator signal pointing down at around level 42% suggest that the price of Verge is in the control of bears in the short-term.
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