Key Highlights
- The market promises to rebound for bullish bias at the confluence zone, after a considerably long run of the bearish market since May 16th, 2019.
- The price is expected to form a bullish setup bias at the confluence zone around $0.067. And if this zone eventually holds, we may likely see a massive bullish rally in the XLM/USD.
XLMUSD Current Statistics
Current market price: $0.08425
Market Capitalization: $1,655,884,649
Trading Volume: $78,951,161
Major supply zone: $0.141, $0.175, $0.222
Major demand zone: $0.04530, $0.02560, $0.015
Stellar marches in the right direction
Since its inception, Stellar (XLM) has been focusing well to have a strong technology backup, the innovative network system and model, and partnership with some of the IT gurus. The company is now focusing on the activities to gain public adoption for the coin, and this will further enhance the current market performance of XLM.
Stellar Price Analysis July 29, 2019
Based on what the XLM/USD pair is currently doing, the price is expected to form a powerful trading setup known as “Double Bottom,” and if this setup holds it is possible to have a bullish market rally towards the significant supply zone at $0.175 being the next desired target for the bulls.
However, the next major critical demand zone remains at $0.067, but if the bears successfully breakdown the above confluence zone, then Stellar market will continue in a downward trend – and this may invalidate our bullish bias analysis above.
Chart Indicators Reading:
From our Stellar technical price analysis above, we see that most of the market indicators are already signaling that the price is at oversold level, a reasonable and decent pullback towards the upside is needed to enhance price stability.
The bulls are ready to lunch their buy missile at the primary zone ($0.067) since the level appears to be the most major confluence zone.
General Outlook for XLM/USD
The market is currently in a downtrend, and this downward movement may continue unless the primary confluence demand zone at $0.067 holds to favor the buyers.
However, the Stellar (XLM) price is currently reacting to the above major demand zone, and if this is valid, we may, therefore, see some bullish rally towards the next primary supply zone at $0.175.
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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