STELLAR (XLM) Daily Price Forecast – February 12

XLM/USD Medium-term Trend: Bearish

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

XLM continues in a bearish trend in its medium-term outlook. The bullish pressure that started on 6th February was a correction to the impulsive bears move. XLMUSD progressively rose to $0.08047 in the supply area on 8th February before the loss of bullish momentum. This occurred around the key supply area.

The bearish pressure was sustained with a low at $0.07666 in the demand area at the start of the trading week on 10th February.

Today’s 4-hour opening candle at $0.07788 was a bearish doji that led to a brief push of price to $0.07785 in the supply area before the bears stage a comeback to continue the downward journey.
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$0.07500 in the demand area is potential the bears' target in the medium term as the bears sustained the pressure down south.

XLM/USD Short-term Trend: Bearish

The cryptocurrency is in a bearish trend in its short-term outlook. XLMUSD is in a descending channel with the bears currently in control of the market. The 10-EMA acted as resistance against further upward movement.

$0.07636 in the demand area is currently the low of the day. With the bears increasing their momentum in other to retest the lower line of the channel, a new lower low of the day is imminent.

The stochastic oscillator signal points down at 26% and price is below the two EMAs crossover. These suggest a downward momentum in price in the short-term.

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