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 bullish pressure that started on 15th November did push the cryptocurrency to the 61.8 fib area as predicted in the analysis of 16th November.

$0.2547 in the supply area was the bulls limit before the bears stage a strong comeback confirmed by the long bearish engulfing candle of 19th November. XLMUSD dropped to $0.2402 and made a lower low at $0.2250 in the demand before the end of yesterday session.

Today’s 4-hour opening candle at $0.2280 was an inverted hammer a signalled to the bears continued pressure thus the cryptocurrency was down at $0.2235 in the demand area earlier today.

Price is currently within the 23.6 fib level below the two EMAs and the stochastic oscillator in the oversold region at 11%. These suggest a downward trend continuation. $0.2100 in the demand area may be tested as the bears' initial target.

The cryptocurrency is in a bearish trend in its short-term outlook. The cryptocurrency gives a unique M formation in the short-term outlook. The right leg is developing with the bearish pressure determined to pushed price to $0.2155 in the demand area.

Although the 1-hour opening candle was a bullish doji that led to upward price movement to $0.2356 in the supply area, the bears' return was much stronger as XMRUSD went down to $0.2210 the demand area earlier today.

The stochastic oscillator at 25% points down with price below the two EMAs, this suggests more move to the downside with the bearish momentum increased in the short-term.

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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