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 bearish pressure was briefly lost a$0.2510 in the demand area as the bulls stage a pullback to $0.2686 in the supply area before exhaustion set in as clearly as the candles closed with wicks.

The bullish pullback is necessary for the market correction before downtrend continuation.
Despite a bullish 4-hour opening candle at $0.2578 and closes as a bullish engulfing candle, the momentum for upward continuation was absent hence the bears return with a bearish spinning top.

XLM gives an M structure. Currently, the right leg is developing. The bears may drop the cryptocurrency to $0.2300 in the demand area as the momentum increases to complete the leg.

The cryptocurrency is in bearish trend in its short-term outlook. After dropping the cryptocurrency at $0.2510 in the demand area from a high of $0.2715 in the supply area the bears lost momentum.

The bulls return was confirmed on 8th November at $0.2550. XLMUSD was pushed up to $0.2686 in the supply area before the end of yesterday session.

The 1-hour opening candle at $0.2585 sustained the bullish momentum as price went up to $0.2640 in the supply area. This created the double top formation. This favour the bears as confirmed by the engulfing candle at $0.2656 and XLMUSD down to $0.2590 in the demand area.

With price below the 10-EMA, the stochastic oscillator is at 63% and its signal points down. It suggests that downward movement in price may continue as the bears increase their momentum with $0.2450 as an initial 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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