XLM/USD Medium-term Trend: Ranging
Supply zone: $0.3000, $0.3500, $0.4000 Demand zone: $0.1500, $0.1000, $0.0500
XLM returns to the range in its medium-term outlook. The strong bearish pressure from the news of the American Association of Retired Persons dropped the coin to $0.2063 before the end of yesterday session.
The 4-hour opening candle at $0.2063 was bullish suggesting the bulls return. Earlier today XLM was up $0.2219 in the supply area. The stochastic oscillator is in the oversold region at 22% and its signal points up. This implies upward price movement due to bullish momentum may likely occur within the range in the medium-term.
XLM is in consolidation and trading between $0.2391 in the upper supply area and at $0.02053 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence patience is required to allow this to happen before a position.
XLM/USD Short-term Trend: Bullish
The cryptocurrency is in a bullish trend in its short-term outlook. The bullish pressure from the $0.2050 in the demand area pushed price up $0.2249 in the supply area.
Price is above the 10-EMA with the stochastic oscillator at 76% and it signal points up which imply upward price movement.
The upward bullish movement could be up to 61.8% or 78.6 in the Fibonacci tool before bears return to continue the journey downward.
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