- Stellar signals bullish swing after breaking-up the descending channel pattern on the 4-hours outlook
- Price saw a sharp recovery after a significant rollback to technical support during the mid-week trading
- XLM bulls have now took-over the market on the short – term perspective
Over the past three days, Stellar traders have shown a strong commitment to buying which has, of course, brought the market to a short-term bullish control. XLM, the 11th best performing crypto by CoinMarketCap has currently seen price growth of 4.23 percent. However, the technical indicators are now turning positive, which is a good indication for a buy signal.
Stellar’s Current Statistics
Trading Price: $0.092
Market Capitalization: $1,809,591,752
Trading Volume: $227,949,396
Key Resistance Levels: $0.098, $0.106, $0.115
Key Support Levels: $0.087, $0.08, $0.075
Stellar Price Analysis for July 20
Following the recent channel break, the XLM/USD pair is turning bullish on the 4-hour time frame as price shoots at key resistance levels of $0.098, $0.106 and $0.115. In this session, buying pressure is low. Let’s see what the next coming session will bring into the market.
On the hourly, the token is about to make a pullback to necessary support before the trade continues to swing high. Meanwhile, the hourly technical MACD is already positive as well as the RSI, which is now diving for a pullback.
Stellar, however, has managed to bolster on the $0.75 with the supporting RSI 30 which proved tough for the bearish surge on the daily time frame.
Considering a possible downtrend for the market, this pair may construct a double-bottom with a rollback to $0.087, $0.08 and $0.075 supports before skyrocketing if the price breaks below the $0.75, XLM may create a new low.
Conclusively
If the weekly candle can close with a pin bar, we can consider a bullish reversal for the XLM/USD pair. By then, we should expect an enormous buy in the coming week. At the same time, the price of Stellar is likely to go up as high as $0.13 and above. More so, we can expect more volatility in the next few days.
Technical Indicator Reading
As we can see on the 4-hour chart, trading has signaled a positive cross on the MACD for Stellar (XLM). That is a buy signal which might take us to potential resistance.
RSI is nicely above the 50 level following the recent price increase. There’s still more room to contain long position for XLM traders.
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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