XLM/USD Medium-term Trend: Ranging
Supply zone: $0.3000, $0.3500, $0.4000
Demand zone: $0.1500, $0.1000, $0.0500
XLM is in consolidation in its medium-term outlook. $0.2089 in the supply area was the point the bears stage a comeback with a large bearish engulfing candle. The cryptocurrency was initially down to $0.1984 in the demand area.
The 4-hour opening candle is bearish and price was further down to $0.1930. The stochastic oscillator is in the oversold region at 15% with signal pointing down as the cryptocurrency ranges.
XLM is in consolidation and trading between $0.2102 in the upper supply area and $0.1869 in the lower demand area of the range. Patience is needed for a breakout at the upper area or breakdown at the lower area before taking a position.
XLM/USD Short-term Trend: Bearish
The cryptocurrency is in a bearish trend its short-term outlook. Price is hovering around the 23.6 fib level after the strong bearish pressure dropped the cryptocurrency at $0.1927 in the demand area.
The stochastic oscillator is in the oversold region at 18% and its signal points up which indicates a bullish reversal in the short-term and price of XLM may go up.
A pullback to the 38.2 fib level may occur this is necessary for the market correction before the downtrend continuation.
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