• The medium-term outlook is in consolidation while the short-term outlook is in a bullish trend.
• Traders may consider buying with bullish reversal candlestick pattern as confirmation.
Supply zones: $0.0100, $0.0105, $0.0108
Demand zone: $0.0075, $0.0071, $0.0069
XVGUSD Medium-term Trend: Ranging
Verge (XVGUSD) continues in a range-bound market in its medium-term outlook. The formation of a doji candle at $0.0071 in the demand area shortly after yesterday opening suggests the bulls returned. XVGUSD further rose to $0.0075 in the supply area before the end of yesterday session.
Today’s 4-hourly candle opens at $0.0072 in the supply area within the range. VERGE is up at $0.0076 in the supply area above the EMA-4 and the stochastic oscillator points up at around level 28% an indication of an upward price movement within the range.
$0.0108 is the upper supply area while $0.0071 is the lower demand area of the range. A breakout or a breakdown may occur, hence the need for patience and a retest before taking a position.
XVGUSD Short-term Trend: Bearish
The cryptocurrency is in a bullish trend in its short-term outlook. The bearish pressure was weakened at $ 0.0072 in the demand area as bulls resumed the uptrend yesterday.
The two EMAs were broken with a large bullish candle at $0.0076 in the supply area shortly after the 1-hourly candle opens today at $0.0073 in the supply area.
VERGE is initially up at $0.0076 in the supply area above the two EMAs, an indication of buyers present in the market.
The stochastic signal pointing up at around level 78% suggest that the momentum in the price of XVGUSD is in an uptrend in its short-term perspective.
PLEASE NOTE: Dapplife.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.