2018-11-27 15:25 |
XLM/USD Medium-term Trend: Bearish
Supply zone: $0.2000, $0.2500, $0.3000
Demand zone: $0.1000, $0.0800, $0.0600
XLM continues in a bearish trend in its medium-term outlook. The bulls did return on 25th November after the cryptocurrency made a low at $0.1826 in the demand area but closed as a bullish hammer. Increased bullish momentum led to XLMUSD up at $0.1681 in the supply on 26th November.
This was at the 61.8 fib level, a trend reversal zone hence the formation of a bearish spinning top confirmed the bears returned. The pullback by the bulls was necessary for the market before the resumption of the original downtrend.
The 4-hour opening candle at $0.1464 sustained the bearish pressure as XLMUSD dropped to $0.1380 in the demand area.
Price is below the two EMAs and the EMAS are fanned apart which implies strength in the downtrend. The stochastic oscillator is at 20% and its signal points down an indication of downward momentum.
The 161.8 in the fib level may be the bears' initial target and this is at $0.1300 in the demand area.
XLM/USD Short-term Trend: RangingThe cryptocurrency is in a range-bound market in its short-term outlook. The pressure from yesterday session was sustained today nullifying the bullish upward pressure despite the 1-hour bullish opening at $0.1445. The cryptocurrency was down to $0.1380 in the demand area earlier today.
Price is below the 10-EMA which also act as a resistance against upward price movement as the XLMUSD ranges in the short-term.
XLMUSD is in consolidation and trading between $0.1645 in the upper supply area and at $0.1362 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence patience is required to allow this to happen before a position is taken.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research
Similar to Notcoin - Blum - Airdrops In 2024