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XLM/USD Medium-term Trend: Bearish
Supply zone: $0.2000, $0.2500, $0.3000
Demand zone: $0.0800, $0.0600, $0.0400
XLM is in a bearish trend in its medium-term outlook. After dropping price to $0.1030 in the demand area on 13th January from $0.1140 in the supply area the bears lost momentum. The bullish doji signaled a potential trend reversal. Confirmation of the bulls takeover occurred with the bullish marubozu candle at $0.1054.
XLMUSD rose to $0.1130 in the supply area. This creates a double top pattern which favours the bears. The cryptocurrency dropped to $0.1080 in the demand area as the bearish pressure becomes strong.
The journey down south may continue to $0.1020 in the demand area with confirmation from the stochastic oscillator as its signal points down which implies downward momentum in price.
XLM/USD Short-term Trend: Ranging
The cryptocurrency is in a range-bound market in its short-term outlook. The formation of gravestone doji at $0.1119 around the upper supply area sustained the bear pressure. The momentum was lost at $0.1080 in the demand shortly after today’s opening session as the bulls took over the range with price currently up at $0.1111 in the supply area.
The stochastic oscillator signal is pointing up at 45% and price is above the two EMAs which suggest an upward momentum within the range in the short-term.
XLMUSD is in consolidation and trading between $0.1133 in the upper supply area and at $0.1053 in the lower demand area of the range. Traders should wait for a breakout at the upper supply area or breakdown at the lower area with a retest before a position is taken.
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.