- Stellar (XLM) now held the $0.05 as support level as the market correct to previous resistance.
- The XLM/USD pair has seen a slight break above the upper boundary of the channel.
Following the latest price variations, Stellar’s price has seen a significant price increase over the past few hours with current support held at $0.05 level. On September 24, the XLM/USD pair a fall below the $0.058 levels – which acted as support-turned -resistance for the market.
The bulls are now turning active as they gain slowly gain control of the market. While remaining as the 10th largest cryptocurrency, XLM is rising back with a current price gain of +4.29% (as we write this, the rest of the significant cryptocurrencies are in red, including Bitcoin).
Stellar’s Current Statistics
Trading Price: $0.057
Market Capitalization: $1,200,297,968
Trading Volume: $259,093,317
Key Resistance Levels: $0.065, $0.070. $0.075
Key Support Levels: $0.055, $0.050, $0.045
Stellar Price Analysis for September 26, 2019
After establishing support at $0.050, Stellar Lumen is now breaking-up out of the descending channel pattern on the 2-hour time frame – which shows that the market is following a bullish sentiment. A close look at the chart revealed that the buyers are regrouping well at $0.065, $0.070, and $0.075 resistance levels.
However, if the market pulls back, we can expect close support at $0.060, where the price recently broke out. The $0.050 and $0.045 support may come into play if the price falls back inside the channel formation. Regardless of the above analysis, the Stellar market is still looking bearish on the daily chart.
Conclusively
Now that the bulls are gaining control of the market, XRP may continue to go long in the next few days if the buyers keep regrouping well in the market. Otherwise, the market may resume the short-term downtrend. However, trading volume is now increasing as volatility now becomes revealing with choppy price actions.
Technical Indicator Reading
RSI is now climbing back to show the current positive move in the market – now breaking above the mid-band to confirm the bulls are back in the market.
MACD moving average for Stellar (XLM) has crossed up in the negative zone but may turn positive if the buying pressure becomes enormous.
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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