Published: 2018-11-01 14:41:36
In case the demand zone of $0.20 hold and the XLM price bounce to the north, the trader can look for an opportunity to place buy limit order at this level so as to take long trading.
There may be a further decrease in XLM price;There is a possibility of the XLM price bounces from the demand level of $0.20;Traders can look for an opportunity to place a long trade.
XLM/USD price Long-term Trend: Bearish
Supply levels: $0.23, $0.26, $0.28Demand levels: $0.20, $0.18, $0.16
XLM/USD was in bearish trend last week on its long-term outlook. After short consolidation on October 15, the bulls pushed XLM price from the low demand level of $0.20 far above the supply level of $0.26 before it was brought back below supply level of $0.23. The bulls pushed the XLM price from there gradually to the supply level of $0.26 on October 20.
The bear prevented a further increase in XLM price, took over the control of the market with the formation of bearish candles. Last week the bearish trend continues to break the demand level of $0.23 downside, exposed the demand level of $0.20.
XLM price is trading below the supply level of $0.23. The coin is under 21-day EMA and the 50-day EMA; it indicates the bearish trend is ongoing. Moreover, the RSI indicator is above 40 levels with its signal lines pointing to the south which indicates a selling signal.
In case the bears increase the momentum the price would break the demand level of $0.20 and expose to the demand level of $0.18. Taking short trade is logical. If the demand zone of $0.20 hold and the XLM price bounce to the north, the trader can look for an opportunity to place buy limit order at this level so as to take long trading.
XLM/USD Price Medium-term Trend: Bearish
Stella continues in its bearish trend on the medium-term outlook last week. The coin made a bearish movement that broke demand zone of $0.23 downside. The XLM market has been making lower lows (LL) and lower highs (LH) as the characteristics of down trending market. The coin is presently exposed to the demand level of $0.20 which may holds should the bears lose their pressure.
Meanwhile, Stellar is below 21-day EMA and 50-day EMA as the sign of bearish market and the RSI period 14 above 40 levels with its signal lines point down indicates the possibility of further downtrend movement.
The views and opinions expressed in the article Stellar Price Analysis: XLM/USD Trends of November 01, 2018 do not reflect that of 48coins.com nor of its originally published source. Article does not constitute financial advice. Proceed with caution and always do your own research.