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

XLM continues in a bearish trend in its medium-term outlook. The bears continue to push further low after the retest at the $0.1242 key area on 26th December. Yesterday bearish opening at $0.1218 further establishes the bears' dominance with the formation of a lower low at $0.1107 as the session ended.

Today’s opening at $0.1116 was a bullish inverted hammer an indication that the bulls are gradually returning. This bullish momentum should be seen as pullback necessary for the market correction to guarantee the downtrend continuation.

Price is below the two EMAs crossover, while the EMAs are gradually been fanned apart which is an indication of strength in the context of the trend and in this case the downtrend.

The stochastic oscillator is in the oversold region at 11% and its signal is pointing up which is in line with the current pullback before the bears to continue their downward journey in the medium-term.

The cryptocurrency is in a bearish trend in its short-term outlook. The cryptocurrency is in a downward channel in its short-term outlook. The bearish pressure from yesterday high of $0.1241 was weakened after dropping cryptocurrency at $0.1107 in the demand area. This was the lower line of the channel.

The bulls are currently pushing price up to the upper line of the channel. With price above the 10EMA and the stochastic oscillator signal pointing up at 42%. It suggests upward movement in the cryptocurrency price 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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