Key Highlights
- The price of Stellar has been ranging between 0.066 and 0.072 USD demand zones for the past three weeks
- XLM resumes its downtrend as price breaks the $0.066 demand zone
- The downward fall may continue if the bulls fail to break above the $0.066 demand zone
Stellar (XLM) Current Statistics
The current price: $0.060
Market Capitalization: $1,192,093,715
Trading Volume: $121,576,222
Major supply zones: $0.09, $0.1, $0.11
Major demand zones: $0.06, $0.05, $0.04
Stellar Price Analysis September 05, 2019
XLM price had been trading between the $0.066 and $0.072 demand zones in the last three weeks. On August 14, the bears broke the $0.072 demand zone, and the market fell to the low of $0.066 demand zone. Then the market continues its consolidation within the $0.066 and $0.072 price range.
The bulls tested the $0.072 demand zone on two occasions but failed to break it. However, on August 28, an intense selling pressure broke the $0.066 demand zone as the market continued its downward move.
If the bulls had broken the 0.072 USD demand zone, the cryptocurrency’s price would have resumed its uptrend. Meanwhile, the coin has fallen to a low of $0.060 demand zone.
Nevertheless, Stellar Lumens’ XLM is making a downward correction, but it is facing resistance. The price of XLM is likely to continue its fall if, after the price correction, the bulls fail to break above the $0.066 demand zone.
XLM Technical Indicators Reading
The colored lines are exponential moving averages which are trending southward indicating that the market is falling. The blue lines are acting as resistance to the crypto’ price, which fails to break the 12-day EMA. XLM price has reached the oversold region of the Relative Strength Index Period 14 level 31. This means that the bearish pressure is exhausting, suggesting bulls to take control of price.
Conclusion
Stellar may further depreciate if the bulls fail to break above the EMAs. In other words, if price retests the $0.066 demand zone and fails to break it, the market will continue its fall. The market has continued its fall as the bulls failed to break the 12-day EMA.
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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