XLM/USD Long-term Trend: Bearish
Supply zone: $0.3000, $0.3500, $0.4000
Demand zone: $0.1500, $0.1000, $0.0500
XLM continues in a bearish trend in the long-term outlook. The bearish pressure remains strong and continued the push of price downward breaking the target at $0.2000 of last week analysis. The momentum was high as the coin made a low of $0.1882 in the demand area on 8th August.
The bullish railroad formation at this demand area was a signal to the bulls returned. $0.2462 in the supply area was the point the bulls lost momentum and the bears stage a comeback.
Price is currently within the 23.6 fib level and below the 10-EMA which acted as a strong resistance to upward price movement.
The stochastic oscillator is in the oversold region at 20% and its signal points up. This means we may see a minor upward momentum in price of the cryptocurrency to the 23.6 or 38.2 fib level that is trend continuation zones.
This should be seen as pullback necessary for a market correction before downward trend continuation. $0.1500 may be the bears' target in the long-term
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