- The bears have resume selling pressure following the buying exhaustion momentum at $0.080
- Stellar (XLM) is now on a pullback after the significant price growth during yesterday’s trading
Yesterday, Stellar (XLM) saw an unexpected price gain of 7.22%, which brought the market to $0.080 high due to a strong buying pressure in the market. But now, the token’s price has dropped to $0.077. A more price drop can be expected if the bears don’t step back. However, the bulls are still showing commitment as price correct gains of 1.10%.
Following Ripple’s XRP as one the 2019 top best losers, Stellar (XLM) has remained in a perpetual bearish radar over the past few months, establishing a new monthly low at 0.00000603BTC against Bitcoin. Despite the recent price increase, the token is yet to make a significant positive turn-around to be considered as a bull-run. As of now, the XLM/USD pair is still in a downward spiral on a long-term.
Stellar’s Current Statistics
Trading Price: $0.077
Market Capitalization: $1,503,535,312
Trading Volume: $73,577,457
Key Resistance Levels: $0.080, $0.082, $0.085
Key Support Levels: $0.075, $0.0717, $0.070
Stellar Price Analysis for August 12, 2019
Stellar (XLM) is looking bearish on the 4-hour chart. Although, the price action is now lurking around for a breakout in the mid-term falling wedge pattern, which may take a few days to occur.
As we can see, the Stellar’s price was rejected at $0.080 yesterday, following a nice surge from $0.0717. However, the $0.082 and $0.085 resistances can still be visited if we can see a significant push above the $0.080.
Stellar (XLM) is now heading close to the $0.075 and $0.0717 support levels. Furthermore, the $0.070 might further act as psychological support for the market. On the hourly chart, Stellar’s bears are currently showing interest in the market as the trading volatility remained very low. Therefore, we can expect a rollback shortly.
Conclusively:
As we can now see, the recent stunning rise has made the buyers to retest the $0.080 resistance. Should this wave can continue, the XLM/USD pair will further display a green build-up after a bullish control. However, the bears seem to be regrouping as the market may resume the downtrend.
Technical Indicator Reading
Following the price movement, Stellar’s price has sharply nosedived after meeting the RSI 70 over the past few hours. The indicator will continue to drop as long as selling pressure remains in the market.
Stellar (XLM) has reached the overbought zone on the Stochastic RSI, suggesting a price drop is around the corner.
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 (TronWeekly.com) holds any responsibility for your financial loss.
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