XVG USD enveloped by the weekly EMA
Let's give a look at the weekly exponential moving averages (EMA) on XVG USD pairing:
1) price got rejected twice by the 200 weekly EMA (yellow line)
2) price got supported almost all the weeks since last November by the 26 weekly EMA (blue line).
Although if the price rallied quite well today, this situation of price action being enveloped by the EMA means that the price action still want to go sideways: but what we already know, is that compressions always end up into an explosion, and as the fundamentals are very good, this will probably bring to a following uptrend.
The battle between bulls and bears is played on the 200 Weekly EMA: this is certainly the most powerful indicator that TA can give us to understand if an asset have a good "long term" perspective. The fact the price is being attracted there multiple times is very positive, as far as we keep staying nearby there and not fall too much below.
What are the bulls trying to do now? Of course keep pushing on 200 EMA. They are literally deploying all their power to breakout on it, that would give a strong message to the market: "we are back in control of the price action after 3 full years of bear market".
I think the final attempt it's likely to happen after the 26 weekly EMA (blue line9 will cross over the 100 weekly EMA (purple one): it's something already gradually approaching, may occur in the next few weeks.
NO FINANCIAL ADVISE, ALWAYS MAKE YOUR OWN RESEARCHES
1) price got rejected twice by the 200 weekly EMA (yellow line)
2) price got supported almost all the weeks since last November by the 26 weekly EMA (blue line).
Although if the price rallied quite well today, this situation of price action being enveloped by the EMA means that the price action still want to go sideways: but what we already know, is that compressions always end up into an explosion, and as the fundamentals are very good, this will probably bring to a following uptrend.
The battle between bulls and bears is played on the 200 Weekly EMA: this is certainly the most powerful indicator that TA can give us to understand if an asset have a good "long term" perspective. The fact the price is being attracted there multiple times is very positive, as far as we keep staying nearby there and not fall too much below.
What are the bulls trying to do now? Of course keep pushing on 200 EMA. They are literally deploying all their power to breakout on it, that would give a strong message to the market: "we are back in control of the price action after 3 full years of bear market".
I think the final attempt it's likely to happen after the 26 weekly EMA (blue line9 will cross over the 100 weekly EMA (purple one): it's something already gradually approaching, may occur in the next few weeks.
NO FINANCIAL ADVISE, ALWAYS MAKE YOUR OWN RESEARCHES
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