• The cryptocurrency is in a ranging market in the medium-term and uptrend in the short-term outlooks respectively.
• Patience is required at this period.
XLM/USD Medium-term Trend: Ranging
• Resistance Levels : $0.07, $0.08, $0.09
• Support Levels: $0.03, $0.02 $0.01
The crypto is in a range-bound market in its medium-term perspective. The bulls impulsive movement at $0.051 in the resistance area during yesterday’s session is lost as the bears return in a grand style.
A bearish candle at $0.050 in the support area opens today’s market. XLMUSD further drops to $0.049 in the support area as the bears take control of the market as at the time writing this article.
Price revolves around the two EMAs. The stochastic oscillator signal pointing in a parallel direction in the overbought region at 74% suggests indecision in the context of the market at the moment.
However, the price of the coin may likely encounter a trend reversal in the days ahead in the medium-term perspective.
XLM/USD Short-term Trend: Bullish
The coin is in a bullish trend market in its short-term outlook. The bull’s impulsive movement at $0.051 with its wick in the resistance area pushes the crypto into a bullish market during yesterday’s session.
Today’s 4-hourly session opens with a bearish pin bar at $0.050 in the support area. XLMUSD further drops to $0.049 in the support area.
Price is above the two EMAs which are fanned apart, this suggests strength in the context of the trend and in this case it’s an uptrend.
The stochastic oscillator signal pointing down at 78% in the overbought region is an indication that there may be a trend reversal in the market in the nearby days in the short-term.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.