- The short and medium-term outlook is in the uptrend.
- Responsible buying recommended with bullish reversal candles formation above the two EMAs in the short-term.
XLM/USD Medium-term Trend: Bullish
Supply zone: $0.2000, $0.2500, $0.3000
Demand zone: $0.0800, $0.0600, $0.0400
XLM is in a bullish trend in its medium-term outlook. The strong bearish pressure returned after the bearish marubozu on 7th May at $0.1039 to continue the downward price movement after expiration of the bullish correction.
$0.08855 in the demand area was the low attained during yesterday session as a sign of exhaustion emerge with a wick in the candle.
The bulls return was confirmed by the engulfing candle at $0.08949 formed shortly after today’s opening. XLMUSD was up at $0.09421 in the supply area.
This bullish momentum may be sustained up to 50 or 61.8 fib area before a possible reversal in the medium-term. This upward price movement was further confirmed by the signal of the stochastic oscillator at 50% pointing up. Price is above the 10-EMA with $0.9895 in the supply area as the target in the medium-term.
XLM/USD Short-term Trend: Bullish
The cryptocurrency is in the bullish trend in its short-term outlook. The large marubozu candle at $0.08949 broke the 10-EMA as price rose to $0.09336 in the supply area after today’s opening. The 50-EMA was resistance against upward price movement as price drops to $0.09200.
Increased bullish momentum broke the 50-EMA as price rose to $0.094221 in the supply area.
Price is above the two EMAs and the stochastic oscillator signal is in the overbought region an indication that momentum may continue to the upside in the short-term.
$0.09800 in the supply area is the bulls initial target as the bulls sustain the pressure on price and more candles opened and closed above the two EMAs
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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