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

XLM is in a range-bound market in its medium-term outlook. The bullish exhaustion and subsequent bearish railroad formation on 13th February returned the bears. XLMUSD went down to $0.07596 in the demand area due to the bearish pressure as the cryptocurrency ranges.

The bulls are back in control of the market as confirmed by the bullish engulfing candle of today’s opening session. XLMUSD is up at $0.07666 in the supply area within the range.
XLMUSD is consolidation and trading between $0.08500 in the upper supply area and at $0.07500 in the lower demand area of the range. A breakout at the upper supply area may be considered for a long position after a retest while a breakdown at the lower demand area may be a short position with good bearish candlestick pattern as confirmation.
XLM/USD Short-term Trend: Bearish

The cryptocurrency is in a bearish trend in its short-term outlook. The double top formation at the key supply area was a signal to the bullish exhaustion and the bears' control of the market.
A doji around this area indicates a possible trend reversal in the short-term The stochastic oscillator is in the oversold region and its signal may pits down any moment from now to confirm the downward momentum in price.

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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