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XLM/USD Medium-term Trend: Bearish
Supply zone: $0.2000, $0.2500, $0.3000
Demand zone: $0.0800, $0.0600, $0.0400
XLM is still in a bearish trend in its medium-term outlook. The strong bearish pressure that dominated the range and broke the lower demand area at $0.1033 twice 21st and 23rd January.
The bulls failed to return the coin back into the range on 24th after a pullback to $0.1047 in the supply area. The inverted hammer signal the bears take over as the cryptocurrency journeys down south.
XLMUSD had dropped to $0.09971 in the demand area below the two EMAs. The stochastic oscillator signal points down at 25%. This implies the bears' pressure will be strong thereby producing a downward movement in price in the short-term
XLM/USD Short-term Trend: Bullish
The cryptocurrency is in a bullish trend in its short-term outlook. $0.1041in the supply area was the point the bears stage a returned. The pressure down south was increased after today’s opening. XLMUSD dropped to $0.09971 in the demand area.
The cryptocurrency is in a downward channel with the bull set to push price back up the upper line of the channel.
The stochastic oscillator is at 28% and its signal points up which implies upward momentum in price in the short-term.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research
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