XLM/USD Medium-term Trend: Bearish
Supply zone: $0.2000, $0.2500, $0.3000 Demand zone: $0.0800, $0.0600, $0.0400
XLM continues in a bearish trend in its medium-term outlook. The breakdown at the key demand level on 5th December as XLMUSD dropped to $0.1336 in the demand area and subsequent retest on 6th December was a confirmation to downtrend continuation.
$0.1011 in the demand area was low of yesterday as the bears' pressure continues aiming for a new low before the session ends today.
Price is below the two EMAs and the EMAs are fanned apart which suggest strength in the context of the trend and in this case the downtrend. The stochastic oscillator is in the oversold at 19% an indication of downward momentum in price.
XLM/USD Short-term Trend: Bearish
The cryptocurrency is in a bearish in its short-term outlook. Lower highs and lower lows that are synonymous with downtrend trending market have been XLMUSD pattern. $0.1389 was the high while $0.1257 in the demand area was the low before the end of yesterday session.
The bear pressure was sustained after opening with a drop in price to $0.1011 in the demand area as the bulls gradually pullback.
XLMUSD was up at $0.1171 in the supply area as the bulls gradually return. This was the 38.2 fib level a trend continuation zone. The bullish pressure may be sustained up to the 50.0 or 61.8 fib level before the bears' strong comeback.
This may continue the journey down south as the stochastic oscillator signal points up which implies upward momentum in the short term.
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