Supply zone: $0.2000, $0.2500, $0.3000
Demand zone: $0.0800, $0.0600, $0.0400

XLM continues in a bearish trend as it breaks down from the bearish pennant pattern in its medium-term outlook. The bullish momentum was lost on 9th December after pushing XLMUSD up to $0.1294 in the supply area with the candle closed as a bearish inverted pinbar.

The bears gradually return as price dropped to $0.1205. Confirmation to the bears' takeover came with the break at the lower line of the triangle and with the bearish marubozu candle.

XLMUSD went down to $0.1151 in the demand area and it was the low of the day as the session ends in a bearish doji.

Price lies below the two EMAs and the stochastic oscillator signal points down at 24%. These suggest momentum to the downside as the bears' pressure becomes stronger in the medium term.

The cryptocurrency is in a bearish in its short-term outlook. The bears failed to push past the key supply area around $0.1250 with the bears exerting pressure on the cryptocurrency after each touch in the area. XLMUSD dropped to $0.1151 below the two EMAs crossover.

The 1-hour opening candle was bearish sustaining bearish tempo. Price is below the EMAs crossover an indication of bears pressure in the short-term. The stochastic oscillator is at 39% and its signal points down an indication of downward movement in price of the cryptocurrency 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.

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