Key Highlights
- The Stellar coin’s demand zone of $0.07 was broken as XLM price reaches a new low
- The price of XLM is trading in the oversold region
- The crypto’s price is more likely to fall and may find support at either $0.06 or $0.065 price level
Current Statistics of Stellar (XLM)
Current price: 0.067 USD
Market Capitalization: 1,333,529,192 USD
Trading Volume: 139,940,547 USD
Major supply zones: 0.09 USD, 0.1 USD, 0.11 USD
Major demand zones: 0.06 USD, 0.05 USD, 0.04 USD
Stellar (XLM) Price Analysis August 15, 2019
Since on August 8, after a downward correction, the bulls had held price above the $0.07 price level up till August 11. On August 11, the bulls tested the $0.08 resistance level, and the market commenced a downward move. The bears overpowered the bulls as the price fell below the $0.07 support level.
The price of Stellar (XLM) is trading at $0.067 as at the time of writing. The market is falling to a new yearly low. The coin is likely to continue its fall because the bears broke the $0.070 support level, and another bearish candlestick opens to continue its downward trend. Price may likely fall to a new low of $0.06 or $0.065 price level.
Chart Indicators Reading for Stellar Lumens (XLM)
The bears broke the lower trend line, and another bearish confirmation candlestick opened. This indicates that the bearish trend is likely to continue.
Meanwhile, the price of XLM has fallen to Stochastic indicator’s oversold zone, and it stands below the 25 percent range. This hints that the cryptocurrency’s price is bearish and indicates a sell signal. XLM price is below the 12-day EMA and the 26-day EMA, suggesting that the coin is falling.
General Outlook for XLM
The price of XLM is falling to record its new yearly low. As the bears broke the lower trend line, the crypto’s price is likely to fall and find its low to the nearest support level of $0.06 price level. If Stellar (XLM) drops to the low of $0.060 price level, the demand zones will be breached. On the other hand, the market would be oversold as the bears were likely to exhaust their bearish pressure.
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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