Supply zone: $0.3000, $0.3500, $0.4000
Demand zone: $0.1500, $0.1000, $0.0500

XLM is in a bullish trend in its medium-term outlook. The strong bearish pressure from the inverted long-tailed doji at yesterday opening at $0.2500 ensure that XLMUSD was down to $0.2360 in the demand area. Exhaustion to bearish momentum was seen as the candle ended as a hammer.

The bulls were able to stage a comeback and price was up at $0. 2488 in the supply area before the end of the session yesterday.

The 4-hour opening candle was a bearish marubozu candle. It implies that the bears were still in charge as seen by the next candle another marubozu as XLMUSD was down to $0.2386.This was negated by the unfolding bullish candle.

The bears' pressure was pullbacks which is important for the market correction before the uptrend continuation. Price was pushed down to the 38.2 fib level while the bullish comeback was at the same level this justify the fib level as a trend continuation zone.

The bulls journey north may have resumed as $0.2600 is the initial bulls target.

The cryptocurrency is in a bullish trend in its short-term outlook. The bulls returned at 2365 in the demand area pushed XLMUSD to $0.2427in the supply area before the end of yesterday trading session. The bullish 1-hour opening at 2409 sustained the bullish momentum as price was up at 2488 high.

Price is above the two EMA with the stochastic oscillator at and its signal points up which implies upward price movement of the cryptocurrency in the short-term.

The structure of XLMUSD is a W with the right leg in the making. 0.2550 may the bulls initial target.

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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