Supply zone: $0.3000, $0.3500, $0.4000
Demand zone: $0.1500, $0.1000, $0.0500

XLM is in a bullish trend in its medium-term outlook. The bullish pressure from the marubozu candle at $0.2272 on 2nd November was sustained as the cryptocurrency retested $0.2519 in the supply area on 4th November.

XLM was at this supply area on 23rd October. The bulls had a brief loss in momentum with the candle closing with wicks. The 4-hour opening candle was bearish as the bears return to push price down. This should be seen as a pullback that is necessary for the market correction before the bulls return for uptrend continuation.

The bears may possibly drop the cryptocurrency to the 50.0($0.2358) or 68.2($0.2310) fib levels in the demand area. These areas are trend reversal zones before the bulls stage a strong comeback that may resume the upward journey.

The cryptocurrency is in consolidation in its short-term outlook. The bullish pressure from $0.2358 in the demand area was weakened at in $0.2519 the supply area as the bear struggle for control thereby providing a ranging scenario of the cryptocurrency in the short-term.

Price is above the 10-EMA with the stochastic oscillator is in the oversold region at 15% and its signal points down which implies a downward movement in price within the range may continue as the bears' momentum increases.

XLMUSD is ranging and trading between $0.2519 in the upper supply area and at $0.2349 in the lower demand area of the range. Traders should wait for a breakout at the upper supply area or breakdown at the lower demand area with good reversal candle formation before placing a trade.

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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