- Stellar (XLM) remains weak as the market continues to look for reliable support to suppress selling pressure.
- XLM has resumed a bearish scenario after seven days of price gain, now trading at $0.06 price levels.
Over the past few weeks, Stellar Lumen is still showing weakness in price as the market records about 50% since the mid-year short opening. In the last 24-hours trading, the XLM price has been subdued by 2.67% with the current price drop at $0.06 price levels. However, XLM may continue to supply heavily until the market finds a critical support level to hold well against selling pressure. Despite the mid-term bear market, Stellar is still ranked as the 11th largest cryptocurrency.
Stellar’s Current Statistics
Trading Price: $0.06
Market Capitalization: $1,191,045,788
Trading Volume: $120,661,501
Key Resistance Levels: $0.065, $0.07, $0.075
Key Support Levels: $0.055, $0.050, $0.045
Stellar Price Analysis for September 5, 2019
Zooming into the 4-hours, Stellar (XLM) is remains in a mid-term bearish trend along with a descending wedge pattern which is now closing up in a tight range. With the current downtrend, XRP is likely to extend bearishly at the $0.055 and $0.05 support on a short-term decline.
The $0.045 supports could as well play out on a long-term, meeting the wedge’s lower boundary. Meanwhile, a price pump may cause the token to raise back at $0.065, $0.07, and $0.075 resistance levels. If we continue to witness a price drop, the XLM/USD pair is expected to experience more bearish action in the next couple of days.
Conclusively
As long as the market remains under the control of a bear radar, the price of Stellar Lumen will continue to fall to support until the market validates a bullish move. Another thing to note is that if the price can break significantly above the $0.065 resistance, a bullish reversal may playout for the XLM market.
Technical Indicator Reading
The RSI for Stellar has seen a fall back to the oversold level after two days if price drop – a rebound is likely to occur.
The Stochastic RSI is currently resting at the extremely oversold condition, showing that the bears are weak at the moment.
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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