• The medium-term outlook is in an uptrend while the short-term outlook is in a downtrend.
• Patience should be exercised in trading the market.
Supply: $0.0100, $0.0105, $0.0109
Demand: $0.0079, $0.0075, $0.0070
XVGUSD Medium-term Trend: Bullish
XVG is in an uptrend in its medium-term outlook. $0.0087 in the supply area was the high attained during yesterday session. The close of the 4-hourly session with a bearish Doji candle at $0.0084 is an indication of a trend reversal.
The 4-hourly candle opens today on a bullish note at $0.0083. Increase momentum by the bulls moves the price up to $0.0087 in the supply area.
Price is above the EMA-4 in the supply area an indication that the price of VERGE is in an uptrend.
The stochastic oscillator signal pointing up at around level 80% in the overbought region indicates that the price is in a bullish momentum and buy signal.
XVGUSD Short-term Trend: Bearish
The cryptocurrency is in a bearish trend in its short-term outlook. The 1-hourly candle at $0.0083 opens today on a bullish note.
The pressure from the bulls moves the price up to $0.0087 in the supply area. The momentum was lost as a signal by the formation of a pin bar in the supply area; hence bears’ brief return drops the price down to $0.0084. VERGE is initially down at $0.0084.
With the stochastic oscillator signal pointing down at around level 80% in the overbought region and price below the EMA-4. These suggest a downward momentum in price in the short-term.
Hence, traders may consider selling at bullish exhaustions area.
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