Key Highlights
- The bears alongside bulls are undecided about the direction of Stellar (XLM) price above the $0.066 demand zone
- The bulls failed to break the $0.072 demand zone after correction
- The price of Stellar may fall if the bears continue to test the $0.066 demand zone
Stellar Current Statistics
The current price: $0.067
Market Capitalization: $1,321,259,580
Trading Volume: $100,286,942
Major supply zones: $0.09, $0.1, $0.11
Major demand zones: $0.06, $0.05, $0.04
Stellar Price Analysis August 21, 2019
After the last bearish impulse on August 14, the market had been fluctuating between the levels of $0.066 and the $0.072 demand zones. The bears have failed to reach new lows after the breakdown; this suggests a lack of sellers at the $0.066 demand zone.
On the part of the bulls, there was a price correction, as the market reached the $0.072 demand zone and fell. The bulls could not sustain the bullish move and fail to break the $0.072 demand zone. The Stellar market price has dropped, and it is approaching its low; if the bulls fail to defend the new low, the bears will break the $0.066 demand zone and resume the downtrend.
Chart Indicators Reading
The MACD is bearish because the signal line and the MACD line are below the zero lines. This indicates that the price of Stellar is bearish. The lines of the moving averages are sloping horizontally in between the $0.066 and the $0.072 demand zones. This indicates that the XLM price is not trending.
General Outlook for XLM
In the last one week, the coin had been trading between the $0.066 and the $0.072 demand zones. The market has fallen to new lows and if the bulls fail to take control of price; the bears may resume the downtrend by breaking the $0.066 demand zone.
Presently, the price of Stellar is below the moving averages (EMAs), which suggest that the coin is falling. If the bearish momentum continues, the market of XLM will reach the next low of $0.065 demand zone. Nevertheless, if we have more buyers and XLM price fluctuates upward and break the $0.072 demand zone, the cryptocurrency’s price will surge upward.
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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