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.

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.

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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