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 bullish pressure successfully pushed XLMUSD to $0.1745 in the supply area n 29th November and repeated the same touch today shortly after opening as the cryptocurrency was up at $0.1745 forming a double top closing with an inverted bearish pinbar.

Confirmation to the bears' takeover was with a large bearish engulfing candle as the cryptocurrency price dropped to $0.1554 in the demand area.

Price is below the two EMAs an indication to the strong bears' pressure with the stochastic oscillator at 73% and its signal points down which suggest a downward momentum. $0.1480 in the demand area may be the bears target in the medium term as the momentum downside increases.

The cryptocurrency is in bearish trend in its short-term outlook. Rejection against upward price movement occurred after the bulls had pushed price to $0.1723 in the supply area.

The bears' gradual return was signalled by the bearish candle at $0.1700 but final confirmation to the bears' control was with a large marubozu candle at $0.1659 that broke the two EMAs and drop XLMUSD down to $0.1554 in the demand area.

Price is below the two EMAs and the stochastic oscillator signal points down at 28% which implies downward price movement in short-term.

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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