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 bulls had a great time over the weekend and were full control as the cryptocurrency was up at $0.2591 in the supply area on 20th October. A further upward movement was rejected as the bears gradually return. $0.2434 in the demand area on 22nd October was the point the bearish momentum was lost as the candle closed as a hammer at the 50-EMA.

A strong confluence. The large bullish marubozu candle confirmed the bulls takeover as XLM rose to $0.2520 in the supply area. The drawdown to the demand area was a pullback to the 38.2 fib area as shown by the Fibonacci tool. This was necessary for the market correction before uptrend continuation which was confirmed by the bulls return.

Price is above the 50-EMA and the stochastic oscillator at 53% with its signal pointing up. These suggest upward price movement of the cryptocurrency in the medium-term.

The cryptocurrency is in consolidation in its short-term outlook. After dropping price to 2431 in the demand area before the end of yesterday session, the bears lost momentum. The bulls gradually pushed price to $0.2479 in the supply area.

The 1-hour opening candle at $0.2489 was bullish with price up in the supply area before losing ground to the bears within the range.

Price is below the two EMAs and the stochastic oscillator is at 42% and its signal points down which implies downward movement may be seen within the range.

XLM is ranging and trading between $0.2540 in the upper supply area and at $0.24000 in the lower demand area of the range. Traders should wait for a breakout at the upper supply area or breakdown at the lower before placing a trade.

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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