Key Highlights
- The demand zone of $0.07 holds as the bulls marked an upward move
- XLM market is facing resistance at the $0.08 price level
- Stellar Lumens native crypto, XLM’s price is likely to rise to the previous high of $0.09 price level
Stellar Current Statistics
The current price: $0.074
Market Capitalization: $1,467,975,839
Trading Volume: $56,933,556
Major supply zones: $0.09, $0.1, $0.11
Major demand zones: $0.07, $0.06, $0.05
Stellar (XLM) Price Analysis August 13, 2019
The price of Stellar has reached the demand zone of $0.070 price level. The $0.070 support level is holding as the bulls struck an upward move to the previous high. In the previous low of July 16, the $0.080 support level was held as the bulls claimed an upward move but were resisted at the $0.10 price level.
This resistance resulted in the price to fall to the present low at $0.072 but before the support level at $0.070 price level. Today, the coin is testing the $0.080 resistance level; if the bulls break the initial resistance level, XLM’s price will rise and reach a high of $0.09 price level. On the other side, if the bulls break above the $0.09 price level, the crypto will continue its upward move.
Chart Indicators Reading
Meanwhile, the XLM price is out of the oversold region of the Stochastic indicator, and it is above the 25% range. This indicates that buyers are likely to emerge, and it also shows a bullish signal. The bulls break the lower trend line, and the candlestick closed on the above it.
This is an indication that the bullish trend is likely to continue. The 12-day alongside 26-day EMA is still trending and pointing southward (indicating the downward direction). On the other side, if the bulls manage to break above the EMAs, the cryptocurrency’s price will be in the bullish trend zone.
General Outlook for XLM
The coin is likely to rise if the bulls manage to sustain the price above the lower trend line. Similarly, if the bulls break the initial resistance at the $0.08 price level, Stellar (XLM) will continue the bullish movement. On the other hand, if the bears break below the lower trend line again, the market will resume its downward trend.
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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