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XLM/USD Medium-term Trend: Ranging
Supply zone: $0.2000, $0.2500, $0.3000
Demand zone: $0.0800, $0.0600, $0.0400
XLM is in consolidation in its medium-term outlook. To dominate the market in the medium-term the bulls and the bears continue the struggle. Rejection to further downward price movement occurred at $0.1063 in the demand area as the bears' pressure fades.
Confirmation to the bulls takeover of the market occurred with a bullish marubozu candle at $0.1066. XLMUSD rose to $0.1115 in the supply area before the end of yesterday session. XLMUSD is down as the bears are now in controls as the cryptocurrency ranges.
The cryptocurrency is in a range-bound market and trading between $0.1147 in the upper supply area and at $0.1033 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.
XLM/USD Short-term Trend: Ranging
The cryptocurrency continues in a range-bound market in its short-term outlook. $0.1107 in the supply area was the high of yesterday session while the low attained by the cryptocurrency was $0.1075 in the demand area. Shortly today’s opening the bears took the coin down to $0.1058 before the bulls took over the market.
XLMUSD rose to $0.1115 in the supply area before losing momentum after the formation of the inverted hammer at $0.1110. Price is currently low at $0.1082 in the demand area as the bears' pressure continue in the range.
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.
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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.