- The last 24-hour bearish sentiment has caused Stellar Lumen to correct 2.23% loss
- Stellar’s volatility has been subdued in a range-bound over the past few days
Stellar Lumen has seen a severe drop over the past months following a strong bearish bias. But as it appeared now, the token is subjected in a range-bound, suggesting the market is accumulating for a new trend.
The price of Stellar (XLM) is currently stable around the $0.067, although the trading is in a tight range of $0.066 – $0.072 zones for the past 13 days now.
A breach at these price ranges may give the market the next actual direction. As of now, Stellar is yet to validate a breakout. However, the token seems to be waiting for Bitcoin’s next move before a new trend is determined.
Stellar (XLM)’s Current Statistics
Trading Price: $0.067
Market Capitalization: $1,329,283,024
Trading Volume: $103,001,074
Key Resistance Levels: $0.072, $0.075, $0.080
Key Support Levels: $0.066, $0.063, $0.060
Stellar Price Analysis for August 28, 2019
Taking a look at the market structure, Stellar Lumen has seen a stable price action over the past few days, subjecting the market in a channel boundary. Meanwhile, the past two days revealed a declining market after testing the $0.072 – a critical resistance level for the traders. Currently, XLM is looking for support at an important level of $0.066.
If Stellar manages to break through these channel boundaries, we may see a fall back at $0.63 and $0.60 on the downside. A possible trend reversal may cause the price to meets $0.075 and $0.080 price levels on the upside. Nevertheless, the XLM/USD pair looks bearish across the hourly and the daily time frame. For now, Stellar appears indecisive on the 4-hour time frame.
Conclusively
In as much as the $0.066 – $0.072 zones continue to hold firm, Stellar (XLM) is more likely to remain in a range-bound until a surge in volatility occurs. If an upsurge occurs, the market may start a short-term bullish run. However, a down wave might result in a bearish continuation.
Technical Indicator Reading
The RSI is falling back at the oversold level due to the $0.072 price rejection. The market will bounce back if the $0.066 continues to act as support.
The Stochastic has produced a bullish crossover signal, which means that Stellar may climb back soon. But remember nothing is guaranteed here in the world of crypto, it can go down even further.
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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