Key Highlights
– Stellar is currently in bullish momentum because the price has finally regained its strength
– Bears were unable to take the price down due to major significant demand zone at $0.0728
– Bulls are currently in control of Stellar market, and they may not rest until they push the price towards a major supply zone at $0.1713
Stellar (XLM) Current Statistics
– Market Capitalization: $1,570,734,482
– Trading Volume: $437,988,414
– Major supply zone: $0.1360, $0.1713, $0.2164
– Major demand zone: $0.04714, $0.0205, $0.0100
Latest News around Stellar
In terms of transaction approval, Stellar is very different. It was revealed that Stellar is using a quorum which is just a part of the whole pool instead of using an entire network to validate a transaction. This is what makes Stellar standout and lightening-fast in conducting transactions.
Stellar (XLM) Price Analysis
Stellar could be heading towards a major supply zone at $0.1713 because a robust bullish breakout candle is currently forming, which is a clear direction for an uptrend. Over the past five to six days, the action of the price has been seemingly consolidating inside a bullish continuation candle pattern after a 16% surge correction. Once the current bullish candle reaches maximum consolidation, then, buyers may be eye the primary supply zone at $0.1713.
Chart Indicators Reading:
From the above chart analysis, the Moving Average is pointing to the upside; Buyers could not break the price down due to a significant demand zone at $0.07284, and a bullish flag setup has just been established. For a massive upbeat swing, a daily bullish candle close is expected.
General Outlook for Stellar:
The overall outlook of the Stellar (XLM) is currently bullish, as the sellers could not overcome the major demand zone at $0.0728. Presently, we have “Double Bottom Setup” on daily analysis as a strong signal for bullish resumption.
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.
Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.