STELLAR Price Prediction Today: Daily (XLM) Value Forecast – May 31

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The short-term outlook is in a bearish trend while the medium-term outlook is in a range-bound market.

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A breakout or a breakdown may occur, hence patience must be exercised trading the consolidation.

XLM/USD Medium-term Trend: Ranging
Supply zone: $0.2000, $0.2500, $0.3000
Demand zone: $0.0800, $0.0600, $0.0400

XLM remains in a range-bound market in its medium-term outlook. The bullish momentum was lost at $0.1446 in the supply area after breaking out of the range. The large bearish candle at $0.1437 returned the cryptocurrency back within the range before the end of yesterday session.

$0.1244 in the demand area was the low as the bears dictate the market in the range. With a bearish 4-hour opening inverted bearish candle at $0.1290 and the signal of the stochastic oscillator down in the oversold region at 15%, it implies the price of the cryptocurrency may retest the lower demand area of the range.

XLM is in consolidation and trading between $0.14000 in the upper supply area and at $0.12000 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence patience is required to allow this to happen before a position is taken.

XLM/USD Short-term Trend: Bearish

The cryptocurrency is in a downtrend in its short-term outlook. The break of the two EMAs with a large bearish marubozu at $0.1437 signaled the bears take over. XLMUSD dropped to $0.1331 and later to $0.1244 in the demand area due to increased bearish momentum.

Minor flag formation occurred with price up at $0.1306 which confirmed the downward continuation as the market opens today.

The cryptocurrency drops to $0.1240 in the demand area before the commencement of the second flag. A drop to $0.1200 in the demand area is expected as the bears resume the journey down south.

Price is below the two EMA and the stochastic oscillator is in the oversold region. These suggest downward momentum in price of the cryptocurrency in the short-term.

Source: https://bitcoinexchangeguide.com/

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