XLM/USD Medium-term Trend: Bullish

Supply zone: $0.2000, $0.2500, $0.3000
Demand zone: $0.0800, $0.0600, $0.0400

XLM is in a bullish trend in its medium-term outlook. The bulls takeover of the market was confirmed by the large engulfing candle of 6th January at $0.1174 that took XLMUSD to a high of $0.1298 in the supply area before brief consolidation. A breakout to the upside saw the cryptocurrency up at $0.1258 before momentum loss and the bears' subsequent takeover.

Each time the bears' sets in the drawdown were to the 50.0 fib area a trend reversal zone. This occurred on 7th January with the bulls staging a strong comeback.

The bulls returned today 8th, January after a drop to the 50.0 fib area as usual and price is currently around the 38.2 fibs, a trend continuation zone. This implies sustained upward momentum as the bullish pressure becomes stronger in the medium-term.

A retest of the $0.1300 is imminent.

The cryptocurrency is in a bullish trend in its short-term outlook. The cryptocurrency is in an ascending channel in its short-term outlook. After a bounce at the upper line of the channel on 7th January at $0.1298 in the supply area.

XLMUSD found support at $0.1220 in the lower line of the channel. A bounce to the upper line of the channel is expected as in the short-term as the bulls gather momentum.

Price is above the two EMA an indication and the stochastic oscillator signal points up at 25% an indication of upward momentum in price. These confirm the upward journey to the upper line of the ascending channel.

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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