XLM/USD Medium-term Trend: Bearish

Supply zone: $0.2000, $0.2500, $0.3000
Demand zone: $0.0800, $0.0600, $0.0400

XLM continues in a bearish trend in its medium-term outlook. After breaking out of the bearish pennant on 10th December, the cryptocurrency went into consolidation until yesterday 13th December.

Price rose to $0.1190 until 12th December that bearish railroad was formed, which signaled the bears' return. The bearish marubozu candle at $0.1140 broke resume downtrend continuation. XLMUSD dropped to up to $0.1054 in the demand area before the close of yesterday session.

Price is below the two EMAs that are fanned apart a sign of a strong downtrend. The stochastic oscillator signal points down at 17%in the oversold region. This implies continuous momentum to the downside as the bears' pressure becomes stronger in the medium term

The cryptocurrency is in a bearish in its short-term outlook. The lower highs and lower lows formed are an indication of the bears' continued dominance of the market. $0.1040 was the low of yesterday as the session ended with a bearish hammer. This signaled a possible trend reversal.

The bulls did come in after today's’ opening price was up at $0.1066 in the supply area, but lack momentum for the continued upward movement. The bears are back and XLMUSD is currently down to $0.1044.

Price is below the EMAs crossover and the stochastic oscillator is in the oversold region at 10%. Its signal points down an indication of downward momentum 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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