- XLM/USD pair might continue to range
- Stellar (XLM)’s market can further depreciate to the demand zones at $0.07 and 0.06
- On the other hand, a rise in price is expected if further downwards movement is rejected
Current Stellar (XLM) Statistics
The current price: $0.082
Market Capitalization: $1,619,277,450
Trading Volume: $77,789,110
Major supply zones: $0.09, $0.1, $0.11
Major demand zones: $0.07, $0.06, $0.05
Stellar Price Analysis August 5, 2019
The price of Stellar was on a range-bound above the demand level. The price of Stellar is characterized by small candlesticks like the Doji and Spinning tops which describe the indecision between buyers and sellers at the current market price. The price will continue to range below the supply zones as long as the small body candlestick dominate the chart.
However, the market is below the supply zones which indicate that price is likely to fall. On the downside, in case the price falls, the market will reach the previous lows at the demand zones of 0.07 and 0.06. On the upside, if the bulls break above the $0.09 price level, XLMUSD will rise and retest the $0.1300 and $0.1400 price levels.
Chart Indicators Reading
XLM market has reached the oversold region of the daily Stochastic but below 20% range. This indicates that price is still in a bearish momentum and a sell signal is likely. From the daily chart, if the bulls break the upper trend line, the crypto’s price is likely to rise and retest the supply zones.
On the other hand, if the bearish trend continues and breaks the lower trend line, the coin will further depreciate to demand zones. The 12-day EMA and the 26-day EMA are trending pointing southward.
General Outlook for XLM/USD pair
Even after today’s rise in the price, Stellar can still turn bearish and get weak. The market may further depreciate because the indicators in the chart are signaling further selling pressure. The Exponential Moving Averages are trending southward, indicating that price is likely to fall.
Generally, the outlook for Stellar is bearish at the movement, unless the situation changes, owing to any unexpected fundamental factors. Let’s see if the current Stellar price rally has got some legs or it will reverse soon.
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.