XLM is ranging within the supply level of $0.21 of the upper range and the demand level of $0.18 of the lower range, the price may break out from the channel that will lead to decreases in the rates.
Key Highlights:
- Ranging within the channel may continue;
- there is a possibility of an increase in price towards the Supply level at 0.24;
- traders should be patient and watch out for the breakout.
XLM/USD Long-term Trend: Ranging
Supply levels: $0.21, $0.24, $0.30
Demand levels: $0.18, $0.17, $0.15
The MACD indicator is below zero level with its signal lines interlocked to each other. It suggests that the consolidation of the price within a range may continue temporarily. Should the price breakout and close below demand level of $0.18, the price would be exposed to the demand level of $0.17.The price may break out from the upper channel that will lead to an increase in the rates as the MACD is at oversold level.
XLM/USD Price Medium-term Trend: Ranging
As at present, the price is consolidating between the supply level of $0.21 and demand level of $0.18, the price will have to break the supply level of $0.21 for the uptrend movement occurrence and this will expose it to another supply level of $0.24. The 4-day EMA is about to cross the 50-day EMA downside, the price is below 4-day EMA with MACD above zero and its signal lines interlocked, which indicates the possibility of further consolidation.
Traders should be patient before taking a position to allow for either a breakout to the upside for a long position or a breakdown to the downside for a short position.
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