XLM/USD Price Medium-term Trend: Bearish
Supply levels: $0.19, $0.20, $0.22
Demand level: $0.18, $0.17, $0.16,
The XLM price is still in a bearish trend. XLM market has been trending down from November 19 till now. The bulls lost control over the market and the bears hold tight to the market with the formation of strong bearish candles that have made the XLM market experience lower lows to the demand level of $0.18. On November 20, the bulls rejected further decrease of XLM price and pushed the price to the supply level of $0.22. XLM consolidated yesterday at $0.20 price level before it was returned to the previous low where it is now.
It seems the bearish trend may continue for a while as the Stellar’s price remains under 21-day EMA and 50-day EMA. Nevertheless, the Stochastic Oscillator period 14 is at oversold region (below 20 level) and its signal line turning upside with a blue line crossing the red indicates buy signal. In case the demand level of $0.18 is broken the XLM price will have its low at $0.17. On the other hand, if demand level of $0.18 holds the XLM will have its target at $0.20.
XLM/USD Price short-term Trend: Bearish
On the short term trend, the XLM price is bearish. Early this morning the market formed inverted hammer which indicates the continuation of downtrend on the XLM market. The bears pushed the price below $0.18 price level before it was interrupted and the bulls pushed it back to retest the broken level. 21-day EMA resists upward movement and the price continues trending south.
The XLM price on the 1-hour chart wants to engage in ranging movement as it is observed. The MACD is below 40 levels with signal lines closed which indicate that ranging movement may continue.
The post Stellar Lumens (XLM) Price Analysis: Currency is on the Hot Seat appeared first on ZyCrypto.