• The short-term is in a downtrend while the medium=term is in a consolidation.
• Responsible selling may be considered in the short-term at key areas.
Supply zones: $0.0090, $0.0095, $0.0099
Demand zones: $0.0073, $0.0071, $0.0068
XVGUSD Medium-term Trend: Ranging
VERGE remains in a range-bound market in its medium-term outlook. The bears manage to push the price down to $0.0070 in the demand area as the low during the yesterday session with $0.0075 in the supply area as the high as the cryptocurrency continues consolidation.
A bearish candle at $0.0075 with its wick touching the two EMAs opened today’s market as the price drops further to $0.0071 in the demand area. XVGUSD is initially down at $0.0070.
With a price below the two EMAs and the stochastic oscillator signal pointing down at around level 37%, an indication of downward momentum within the range in the medium-term.
XVGUSD is ranging and trading between $0.0099 in the upper supply area and at $0.0071 in the lower demand area of the range. Patience coupled with a retest is needed before a position is taken.
XVGUSD Short-term Trend: Bearish
On the 1-hour chart, the XVGUSD price is now in a bearish trend zone. The crypto’s price is now facing another support at the $0.0074 price level. The bears had made two attempts to break it but failed.
Today, the bears are making the third attempt at the support level to break it. The bears are still trading above the sell zone at $0.0072 in the demand area. Verge further drops to $0.0071 in the demand area within the range in the short-term.
With the price below the two EMAs and the stochastic signal pointing down at around level 50%. These suggest a downward momentum in price in the short-term.
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