Key Highlights
- The XLM/USD pair may present another buy signal around the primary demand zone at $0,073 after a downward retest of the mentioned zone is complete.
- The reason for this downward retest of the zone means that buyers are still very much present in the market, and they will not stop dragging the price down until they get back to a significant demand zone.
XLMUSD Current Statistics
Current market price: $0.085
Market Capitalization: $1,660,248,375
Trading Volume: $150,214,492
Major supply zones: $0.18, $0.32 $0.50
Major demand zones: $0.06 $0.03 $0.01
Stellar is not an exception
Over the past 30 days, Stellar’ XLM appeared to have lost 30-32% of its valuation despite a little upward movement. However, there is hope for XLM since almost all the market is expecting BTC market dominance.
Stellar (XLM) Price Analysis
The price of Stellar’s XLM is expected to go up because the near term major demand zone at $0.073 is on approaching and buyers may not take this zone likely for granted with bears.
Technically, at the moment, the market trading setup of this Token remains “Double Bottom Setup,” and this setup is also giving the bulls hope of future recovery, after a tremendous bearish market fall over the past some trading weeks
Chart Indicators Reading
The daily chart analysis above indicates that Stellar (XLM) may likely to go up, but this may not happen unless the sellers found a critical major demand zone before the power of the bulls could change hand.
Stellar is still under bearish pressure for now towards the major demand zone at $0.073, and if this zone is firmly holding then, the bulls may take the advantage and could swiftly drive the price up towards a supply zone at $0.173. Currently, The Moving Average indicator is supporting the pullback retest, and hopefully, this sell may end at immediate demand zone.
General Outlook for XLM/USD pair
The long term general market outlook of the Stellar (XLM) is bullish, the trend is also expected to be an uptrend, and all trading indicators have a higher probability of supporting long-awaited upbeat swing. Therefore it might be good and profitable to follow the 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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