Stellar Price Forecast: XLM Opens Short on Weekly as the Price Drops

• Stellar (XLM) is down by 1.18% after showing a sign of weakness on the intraday trading.
• The XLM/USD pair looks bearish on the 4-hour chart, but sharply bounce back above $0.060

Stellar has slightly bounced back above the $0.06 price level, following a small decisive climb from the $0.08 support over the past few hours.

But now, Stellar (XLM) is showing a sign of weakness after dropping by 1.18% at the moment, which shows that the bears are still dominant in the market.

If the bulls can regroup and buy the market above the $0.070, we can then start to consider a bull-run for the XLM/USD pair. For now, the market is under bearish control.

Stellar (XLM)’s Current Statistics

Trading Price: $0.061

Market Capitalization: $1,182,463,385

Trading Volume: $182,550,442

Key Resistance Levels: $0.064, $0.067, $0.070

Key Support Levels: $0.058, $0.055, $0.050

Stellar Price Analysis for September 9, 2019

Looking at the 4-hour chart, Stellar’s price has continued to paint a bearish scenario over the past few weeks as the price falls helplessly to support. At the same time, the white descending trend line has been acting as diagonal resistance for the past two weeks. This shows that the XLM/USD pair is still in a downtrend.

A fall back-formation will bring the price to $0.058, $0.055, and $0.50 after breaking below minor support at $0.060. Considering a trend reversal for this pair, Stellar could surge to $0.064, $0.067 and $0.070 on a short-term bullish. However, there’s a need for a clear break above the diagonal resistance line. As of now, Stellar is yet to validate a bullish signal.

Conclusively

Due to the significant bearish action in the market, the XLM/USD pair is more likely to continue the bearish sentiment until the market meets a healthy demand level that is capable of suppressing bearish pressure. Meanwhile, the price action is yet to find one at the moment.

Technical Indicator Reading

The RSI is facing upward, following a recent price push above the $0.060. Stellar price may roll back if the 50 level rejects buying pressure.

The Stochastic RSI for XLM is looking bearish at the moment – revealing that the sellers are regaining control of the market.

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.