XLMUSD Long-term Trend: Bearish

 Supply zone: $0.3500, $0.4000, $0.4500

Demand zone: $0.2500, $0.2000, $0.1500

The bears are dominating the stellar market in the long-term. The bulls succeeded in taking price to the $0.3100 supply area but failed to get to the $0.3500 projected previous week. This supply zone is needed to keep the north journey valid. Rejection to the north journey occurred twice at the $0.3100 supply area and this resulted in momentum loss by the bulls. The bears came in strongly and broke the demand area at $0.2800 on June 3rd.

The bears seem to keep the control of the market intact, yet we may see some minor upward moves.  These are a necessary pullback as a market correction for further bearish continuation

The week ahead looks good for the bears as they intensify their pressure and presence in the market. Their target in the long-term is $0.2000 but the demand zone at $0.2500 would need to be broken first and retested before achieving this target

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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