XLM/USD Long-term Trend: Bullish
Supply zone: $0.4000, $0.4500, $0.5000
Demand zone: $0.2000, $0.1500, $0.1000
XLM continues in a bullish trend in the long-term outlook. The bullish momentum was high as just as the bulls returned at the 50.0 fib level kept pushing the cryptocurrency to a new high. $0.3520 in the supply area was attained as the predicted $0.3267 was broken.
The bears stage a comeback at this area with a large bearish engulfing candle and price was down to $0.3315 in the demand area. This is above the 50-day EMA.
Currently, price is below the 12-day EMA and below the 23.6 fib level which is a reflection of the bears' pressure. The pullback is necessary for the market correction before previous trend continuation.
Price may be down to 38.2 fib level a trend continuation zone before we see the bulls return. Bullish reversal candles would be a confirmation of this return.T
The stochastic oscillator is at 51 percent and its signal points up. This implies bullish pressure as price momentum is up.The overall outlook favour the bull and the supply area at $0.4000 may be the bulls target in the long-term.
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