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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.

 

 

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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