• XLMUSD preparing for next bull trend, breakout imminent.
• The short-term outlook is in a sideways market.
XLM/USD Medium-term Trend: Bullish
• Resistance Levels : $0.08, $0.09, $0.10
• Support Levels: $0.03, $0.02 $0.001
The cryptocurrency is in a bullish trend zone in its medium-term outlook.
The formation of the pin bar hammer at $0.06 in the resistance area at the close of yesterday’s session signal a trend reversal. Hence bear’s brief return.
The session opens today on a bearish note at $0.061 in the support area.
XLMUSD is initially down at $0.060 in the support area. With the price above the two EMAs trading at $0.061 price level, indicates that price is in the bullish trend zone.
Hence, the stochastic oscillator signal pointing down at around level 69% in the overbought region implies that the momentum in the price of the coin is likely to encounter a change in the future in the medium-term.
XLM/USD Short-term Trend: Ranging
The formation of a bullish doji candle at $0.061 in the resistance area opens today’s 4-hourly session and signals a trend reversal, hence bear’s brief return.
XLMUSD further drops to $0.060 in the support area after which the bulls took over and move the price up to $0.061 in the resistance area.
Price revolves around EMA-9 with the two EMAs which are fanned apart. This suggests an undefined trend in the context of the market and in this case, ranging.
The stochastic oscillator is in the oversold region with the signal pointing down at 26%, an indication of a likely change in the trend of the crypto in the days ahead 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.