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

XLM is in a range in its medium-term outlook. The bullish railroad from $0.2393 in the demand area within the range pushed XLM to a high of $0.2519 in the supply area as the session ended with a spinning top, a reversal signal yesterday.

The 4-hour opening candle at $0.2506 was bearish as the bears gradually returned. XLM was down to $0.2463 in the demand area earlier today. Price is still above the two EMAs an indication that the bulls are still present in the market.

XLM is in consolidation and trading between $0.2604 in the upper supply area and at $0.02309 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence patience is required to allow this to happen before a position.

The cryptocurrency is in a bullish trend in its short-term outlook. Yesterday bullish 1-hour opening candle at$0.2428 sustained the momentum with a push of price initially to $0.2428 and later to $0.2519 before the end of the session.

Although today’s 1-hour opening candle at $0.2499 was bullish, the strong bears' pressure dropped the cryptocurrency to $0.2463 in the demand area with a large engulfing candle. This was a pullback to 38.2 fib level, a trend continuation zone as shown by the fibonacci retracement tool.

The bulls may stage a comeback after the market correction to continue the journey north. Price is above the 50 EMA which validate the upward price movement 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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