Supply zone: $0.2500, $0.3000, $0.3500
Demand zone: $0.1500, $0.1000, $0.0500

XLM remains in a bearish trend in its medium-term outlook. The bears kept the pressure down south much stronger breaking previous key demands area with a large bearish candle. The bearish inverted formation at $0.2060 on 21 November was a key indicator to the bears' return after the pullback.

$0.1826 was the low of the day at the end of yesterday session as the increased bearish momentum nullify the bullish comeback signaled by the formation of a bullish hammer at $0.1971.

Today’s bearish 4-hour opening candle at $0.1877 sustained the bearish pressure as XLMUSD went down to $0.1777 in the demand area after opening. Price is below the two EMAs and the EMAS are fanned apart which implies strength in the trend. The stochastic oscillator in the oversold region at 12% and its signal points down an indication of downward momentum.

$0.1718 in the demand area may be retested. XLMUSD was at this area on 29th June. A break and close below it may take the cryptocurrency down to $0.1500.

The cryptocurrency continues in a bearish trend in its short-term outlook. The 10-EMA acted as a strong resistance against upward price movement.

The 1-hour opening candle at $0.1921 continued the bear pressure with the cryptocurrency down to $0.1777 in the demand area.

The bulls are currently back are pushing price back up. This may take the cryptocurrency up to the 10-EMA or the trendline before a bounce by the bears return to continue the downward movement.

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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