Stellar price forecast: XLM price pulls back after a breakdown

Key Highlights

• Price of Stellar (XLM) fluctuates above a new low of $0.067 demand zone
• On August 14, the price of XLM had a breakdown but did not show signs of bearish continuity
• The crypto’s price is facing resistance at the $0.072 demand zone after a pullback

 Stellar’s Current Statistics

The current price: $0.069

Market Capitalization: $1,361,890,809

Trading Volume: $58,869,485

Major supply zones: $0.09, $0.1, $0.11

Major demand zones: $0.06, $0.05, $0.04

Stellar (XLM) Price Analysis August 20, 2019

On August 14, XLM price had a breakdown to a low of $0.067 demand zone. After that, the market did not show any signs of continuous depreciation; rather, some indecisive candlesticks appeared to describe the market stalemate. There was a lack of sellers to continue the downward fall, and the price fluctuates up and down above the $0.067 demand zone.

On August 19, the Stellar (XLM) price reached the $0.072 demand zone, but it is currently facing resistance at the demand zone. The coin may rise if the bulls break the $0.072 demand zone. Conversely, the crypto’s price may fall to its new low if the bulls fail to break the $0.072 demand zone.

Chart Indicators Reading

The blue line exponential moving average and the red line exponential moving average seems to point southward. This indicates that the XLM price is falling. The blue line EMA acts as a resistance to the coin. On June 25, the blue line EMA crossover the red line EMA which signal the downward fall. Also, the market is approaching the oversold region of the daily Relative Strength index period 14, level 37.

General Outlook for XLM

On the whole, the trend for Stellar (XLM) is bearish. The bulls had made an initial bullish move after testing the new low of $0.067 demand zone. The crypto’s price was resisted after testing the high of $0.072 demand zone. The bulls could not sustain the price above the $0.072 demand zone as they surrendered to the bears.

Stellar price is falling and likely to revisit the new previous low. However, if the $0.72 demand zone had been broken, the coin would have risen to retest the previous high. The market may repeat another bullish move after testing the new low.

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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