Supply zone: $0.3000, $0.3500, $0.4000
Demand zone: $0.1500, $0.1000, $0.0500

XLM is in a bullish trend in its medium-term outlook. The strong bullish pressure resumes on 9th November after a brief pullback by the bears to $0.2540 in the demand area. The cryptocurrency has been making higher highs and higher lows that are unique features of up trending market. $0.2804 and $0.2877 were the highs on 11th and 12th November respectively.

The formation of a large bearish candle at $0.2877 in the supply area yesterday returned the bears briefly as XLMUSD was down to $0.2700 in the demand area before the end of yesterday session.

Although the bears sustained the momentum after opening dropping the coin to $0.2653 in the demand area. The 4-hours opening candle at $0.2264 closed as a bullish pinbar a signal to bulls return.

Price is below the 10-EMA an indication of bear pressure which was supported by the stochastic oscillator at 35% and its signal points down. It suggests that a pullback may occur within the38.2 fib level before uptrend continuation in the medium term.

The cryptocurrency is in consolidation in its short-term outlook. The bearish pressure from $0.2877 in the supply area lost momentum at $0.2653 in the demand area as the cryptocurrency enters a ranging scenario.

Price is around the 10-EMA as the stochastic oscillator signal points down at 34% an indication of bears pressure within the range in the short-term.

XLMUSD is ranging and trading between $0.2860 in the upper supply area and at $0.2638 in the lower demand area of the range. Traders should wait for a breakout at the upper supply area or breakdown at the lower demand area with good reversal candle formation before taking a position in the market.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

191 +