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XLM/USD Medium-term Trend: Bearish
Supply zone: $0.3000, $0.3500, $0.4000
Demand zone: $0.1500, $0.1000, $0.0500
XLM is in a bearish trend in its medium-term outlook. The bullish pressure that started on 15th November did push the cryptocurrency to the 61.8 fib area as predicted in the analysis of 16th November.
$0.2547 in the supply area was the bulls limit before the bears stage a strong comeback confirmed by the long bearish engulfing candle of 19th November. XLMUSD dropped to $0.2402 and made a lower low at $0.2250 in the demand before the end of yesterday session.
Today’s 4-hour opening candle at $0.2280 was an inverted hammer a signalled to the bears continued pressure thus the cryptocurrency was down at $0.2235 in the demand area earlier today.
Price is currently within the 23.6 fib level below the two EMAs and the stochastic oscillator in the oversold region at 11%. These suggest a downward trend continuation. $0.2100 in the demand area may be tested as the bears' initial target.
XLM/USD Short-term Trend: Bearish
The cryptocurrency is in a bearish trend in its short-term outlook. The cryptocurrency gives a unique M formation in the short-term outlook. The right leg is developing with the bearish pressure determined to pushed price to $0.2155 in the demand area.
Although the 1-hour opening candle was a bullish doji that led to upward price movement to $0.2356 in the supply area, the bears' return was much stronger as XMRUSD went down to $0.2210 the demand area earlier today.
The stochastic oscillator at 25% points down with price below the two EMAs, this suggests more move to the downside with the bearish momentum increased in the short-term.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.