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.
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