XLM/USD Medium-term Trend: Ranging

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

XLM is in consolidation in its medium-term outlook. The bulls dominance from the first day the market opened in the new year at $0.1131 saw the cryptocurrency up at $0.1241 in the supply area on 2nd January. The bullish momentum was lost which sets the bears up and subsequently they took over the control of the market.

XLMUSD went down to $0.1147 in demand area on 3rd January as the bears continue the journey down south. With the stochastic oscillator in the oversold region at 16% and its signal points down. It suggests that the bearish momentum may increase in the range.

XLM is in ranging and trading between $0.1290 in the upper supply area and at $0.1106 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence patience is required to allow this to happen before a position is taken

The cryptocurrency is in a bearish trend in its short-term outlook. The cryptocurrency is in a downward channel in its short-term outlook. After a bounce off the upper line of the channel at $0.1228, the bearish pressure kept pushing toward the lower line of the channel.

Price is below the 50-EMA an indication that the bears' pressure is still strong although a brief move to the upside may occur, the overall outlook is still a downtrend.

$0.1132 in the demand area at the lower line of the channel remains the bears' target.

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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