Stellar Lumens (XLM) Technical Analysis June 12

XLM/USD Long-term Trend: Bullish

Supply zone: $0.2500, $0.3000, $0.3500
Demand zone: $0.1500, $0.1000, $0.0500

XLM remains in a bullish trend in the long-term outlook. The bullish pressure was sustained as the cryptocurrency saw a fresh high at $0.3267 in the supply area breaking past the predicted $0.2500.

The formation of a spinning top coupled with an inverted hammer returned the bears and the cryptocurrency was down to $0.2557 in the demand area.

This is the 50.0 fib level and it is a trend reversal zone. The bulls returned at this zone as expected and price was up $0.2977 in the supply area. This is the 23.6 fib level, a trend continuation zone. It implies that upward price movement may be witnessed.

The stochastic oscillator is at 64 percent and its signal points up. This suggests that we may see more upward movement in price of the cryptocurrency as the bulls pressure increase in the long-term.

A retest of $0.3267 in the supply area may be the bulls’ target.



The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research

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