XLM/USD Long-term Trend: Bearish

Supply zone: $0.3500, $0.4000, $0.4500
Demand zone: $0.1500, $0.1000, $0.0500

Stellar continues in bearish trend in the long-term outlook. The flag that was formed based on last week analysis was indeed an indication for downtrend continuation.

The sell-off did happen as predicted as the bearish pressure was strong and it broke the predicted $0.2000 bears target.

The bearish momentum was high as price was pushed further down to $0.1767 in the demand area.

Pullbacks are normal occurrences as market activities continue but these are necessary as they serve as a market correction for downward trend continuation.

This week, Stellar opened bearish at $0.2027 compared to last week opening price of $0.2320. This implies that more sellers are on the ground for a further push of price to the south. The bears' target of $0.1500 may likely be attained as activities progress in the week.

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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