XLM/USD Medium-term Trend: Ranging

Supply levels: $0.30, $0.35, $0.41

Demand level: $0.24, $0.19, $0.18

The cryptocurrency was pushed up to break both supply levels of $0.24 and $0.30 last week. The price reached the upper supply level of $0.35 before it was pushed back by the bears to retest the demand level of $0.24.

XLM/USD enters consolidation in its medium-term outlook. After a bearish run to the demand level of $0.24, rejection to the further downward movement was seen with the formation of a pin bar and a bullish candle as the bulls made a gradual return.

The price is below both 10-day EMA and the 50-day EMA. The two EMA are interlocked with each other, it suggests a continuation of sideways movement. However, the RSI 14 is above 50 levels with signal lines pointing to the south which indicate selling signal. In case the bears increase the momentum the price would break the demand level of $0.23 and expose to the demand level of $0.21.

Stellar is ranging on the short-term outlook. The sideways movement commenced shortly after the bulls broke out the former supply level of $0.24 and the price was pushed up toward the supply level of $0.3 where it was rejected by the bears’ pressure to the demand level of $0.24.

The Bulls could not increase their momentum to rally to the supply level of $0.3 but bears did broke the demand level of $0.24 downward and it started moving sideways within the range of $0.23 and $0.24.

Should the price break the demand level of $0.23 the downtrend movement will be experienced and this will expose it to another demand level of $0.21. The price is between 10-day EMA and 50-day EMA with the RSI 14 below 50 level and its signal lines point to the north indicates the possibility of the uptrend movement. Traders should patiently watch out for the breakout.

The post Stellar (XLM) Price Analysis: XLM Heading For Bearish Trend appeared first on ZyCrypto.

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