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XLM/USD Medium-term Trend: Bearish
Supply zone: $0.2000, $0.2500, $0.3000
Demand zone: $0.0600, $0.0500, $0.0400
XLM is in a bearish trend in its medium-term outlook. The strong bearish pressure that ended last month continues in the new month with a drop in price to $0.07920 in the demand area as the session came to a close yesterday.
The 4-hour opening candle at $0.07920 sustained the bearish momentum as XLMUSD currently dropped to $0.07760 in the demand area.
The journey south remains on course with price below the two EMAs and the stochastic oscillator signal pointing down at 7%in the oversold region.
$0.07500 in the demand area is the bears' target in the medium term as the bears sustained the momentum down south.
XLM/USD Short-term Trend: Bearish
The cryptocurrency is in a bearish trend in its short-term outlook. The 1-hour opening candle at $0.07973 was a full marubozu candle and this implies strong bearish pressure. Price was down to $0.07760 shortly after opening.
The two EMAs are fanned apart which implies strength in the context of the trend and in this case the downtrend.
Price below the EMAs and the stochastic oscillator is pointing down at 12%. This implies downward 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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