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

XLM is in a bearish trend in its medium-term outlook. The bears' pressure was evident yesterday as XLMUSD drooped to $0.2180 in the supply area and briefly lost momentum.$0.2264 in the supply area was the high of the day as the bulls stage a comeback.

Although the 4-hours opening candle at $0.2264 was bearish, the bulls are not giving in as they increase their momentum to the upside.

The current bullish momentum is a pullback which is important for the market to be corrected before the resumption of the downtrend. Hence price may be pushed up to the upper line of the downward channel before the bears stage a strong comeback. This is because each touch on the upper line of the downward channel result in a bounce as it occurred on 23rd and 28th of October.

$0.2150 in the demand area may be tested as the bears increased their momentum down south in the medium-term.

The cryptocurrency is in consolidation in its short-term outlook. The strong bearish pressure dropped the cryptocurrency to a low of $0.2180 lost control to the bulls. The large bullish engulfing candle at $0.2256 confirmed the bulls take over before the end of yesterday session as it enters the range.

XLMUSD was up at $0.2269 in the supply area as the bullish momentum gradually fades setting the bears up for a return within the range.

Price is around the 10-EMA with the stochastic oscillator is at 80% in the overbought region and its signal points down which implies a downward movement in price within the range may be witnes

XLMUSD is ranging and trading between $0.2303 in the upper supply area and at $0.2173 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 placing a trade.

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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