STELLAR (XLM) Daily Price Forecast – February 8

XLM/USD Medium-term Trend: Bearish

Supply zone: $0.2000, $0.2500, $0.3000
Demand zone: $0.0700, $0.0600, $0.0500

XLM is in a bearish trend in its medium-term outlook. The loss in bullish momentum at $0.07785 in the supply area and the formation of an inverted hammer confirmed the bears' takeover of the market. XLMUSD dropped to $0.07471 in the demand area as the session ended yesterday.

The 4-hour opening candle at $0.07499 was a bearish doji an indication that the bears may continue their journey down south. The flag formed was a correction to the strong bearish movement which was necessary for the market.

Price is around the 10-EMAs and the EMAs are fanned apart which connote strength in the context of the trend and in this case the downtrend. $0.07000 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 continues in a bearish trend in its short-term outlook. The bullish momentum was lost at $0.0797 after the candle closed below the key supply area. The inverted hammer signaled the bears' takeover the market.

The bearish momentum was sustained today’s opening. XLMUSD dropped to $0.07420 in the demand area as the bulls gradually push the price back up to the supply area.

The stochastic oscillator signal points up at 35%. This implies minor upward momentum in price in the short-term which should be seen as a pullback before the resumption of the downtrend by the bears.

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