XLM/USD Medium-term Trend: Bearish

Supply levels: $0.26, $0.27, $0.29

Demand level: $0.24, $0.23, $0.22

XLM is bearish on the 4-Hour chart. It was also bearish yesterday. The bears took over from the bulls on November 12 as the Bulls lost the pressure when it reached the high of $0.28 price level. The strong bearish candles formed, the broken down of former demand levels of $0.27, $0.26, and the broken of dynamic support and resistance (21-day and 50-day EMA) downside shows that the bears have taken over the market.   

Today, XLM is below 21-day EMA and the 50-day EMA, which confirm the bears’ pressure and the bearish movement is ongoing. In addition, the MACD with its histogram is below zero and its signal line pointing down indicate sell signal.

XLM is also bearish on the 1-Hour chart. The bearish engulfing candle formed at the $0.28 price level on the 1-Hour chart signaled the increase in pressure of the bears on the XLM market. The bearish candles that followed and the crossing of the 21-day EMA over 50-day EMA downside confirm the taking over of the bears in the XLM market.

The XLM price is below 21-day EMA and the 50-day EMA which connotes sell signal. Nevertheless, the MACD with its histogram is above zero level and the signal lines at the oversold region pointing to the north, which indicates the bulls’ pressure are gradually increasing.

The post Stellar Lumens (XLM) Daily Price Analysis appeared first on ZyCrypto.

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