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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 still in consolidation in its medium-term outlook. The strong bearish pressure that dominated the range from 19th January after the formation of the large bearish candle was sustained.
$0.1033 of the lower demand area of the range was broken twice yesterday as XLM dropped to $0.1025 in the demand area before the end of the session.
Today's opening candle at $0.1027 sustained the bearish momentum as new low was attained at $0.09963 as the exhaustion set in and the bulls returned and pushed the coin back up into the range at $0.1044 in the supply area.
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: Bullish
The cryptocurrency is in a bullish trend in its short-term outlook. After dropping the coin at the lower line of the descending channel the bears lost momentum as the bulls returned.
The formation of a bullish long-tailed candle at $0.09963 signal the bulls returned while the break at the 10-EMA confirmed the bulls takeover.
XLMUSD has risen to $0.1045 in the supply area with a target at $0.1090 in the supply area 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.