Stellar has been ranging between these levels ($0.2 – $0.18), We may expect the break out of the price at $0.2 supply levels which may leads to increases in the rates.
Key Highlights:
- Breaking out of the price at $0.18 demand level may lead to a further downward trend;
- ranging movement within the channel confirmed in the daily chart;
- traders should have patience.
XLMUSD Long-term Trend: Bearish
Supply levels: $0.2, $0.3, $0.4
Demand levels: $0.18, $0.15, $0.13
The histogram of the MACD in the Daily chart is at the 0-level with its signal lines flattened. It indicates the continuation of the price consolidation between $0.2 and $0.18 levels. Traders need to be patient.
XLMUSD Price Medium-term Trend: Bearish
The cryptocurrency continued its bearish movement till 8th of August last week. The bullish pin bar formed, led to the reversal of the price to the upward. The $0.2 supply level was touched by the price and it bounced back to the demand levels of $0.18.The coin has been engaged in ranging movements between the levels $0.2 – $0.18 on the 4-Hour chart.
The 4-day EMA is very close to the 50-day EMA,trying to cross it to the North. We may expect the break out of the price at $0.2 supply level which may lead to increases in the rates.
The MACD indicator is below the zero level with its signal lines moving downwards, which implies that this downward phase is likely to continue in case the price breaks the demand level at $0.18 to the downside. At the same time, it may experience price surge above the supply level of $0.2: then taken long trade will be ideal.
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