- Stellar prepares for a bull-run after making a definite retracement to the $0.080 level
- XLM bears are still gaining momentum as per the recent price drop in market
- Stellar’s price is rising back as the technical indicator signals a bullish divergence
Over the past few months, Stellar has seen a significant price reduction and bringing the market to nearly the listing price. While displayed a long-term decline, the token’s performance has been so low as a result of bearish action in the market.
Despite the ugly scenario, XLM is currently, the 10th best-performing cryptocurrency above Tron (TRX) and Cardano (ADA). However, the market is down by 1.18% as of the time of writing. The Stellar’s price would go up considering the bullish divergence signal on the technical indicators.
Stellar’s Current Statistics
Trading Price: $0.0844
Market Capitalization: $1,656,577,921
Trading Volume: $146,036,696
Key Resistance Levels: $0.096, $0.105, $0.115
Key Support Levels: $0.076, $0.073, $0.070
Stellar Price Analysis for July 24, 2019
The daily outlook of the XLM/USD pair is revealing in decline following the recent selling pressure in the market. Price action is, however, shown in a downward spiral as the bears slowly exhaust momentum. Bulls might actually be on the verge to step into the market.
Stellar’s price is now trading above the $0.08 level after little price rejection. Meanwhile, the market has seen a slow retracement after breaking the short-term channel on July 20. Now, it’s time for a bullish regroup which could surge the price higher to $0.096, 0.105 and $0.115.
However, the XLM market has found support at $0.08 on short-term support. A bearish surge may roll the market back to the monthly low at $0.76. A further break may create a new low for the pair at $0.073 and $0.070 supports. As of now, the market is getting ready for a buy-off.
We have seen a sharp rebound at the $0.08 with a little price increase to a current price of $0.0849 as shown on the price chart. Once we have a clear break above the previous resistance of $0.096, a buy entry will take the price as high as $0.115 on a short-term bull-run. On the other hand, if the bears pull down the $0.08 support, Stellar will fall back the monthly low of $0.076.
Technical Indicator Reading
MACD moving average is now forming a swing high to the positive zone, playing out a bullish divergence signal. We can expect Stellar’s price to skyrocket in the next few days if MACD continues to make a swing high.
RSI indicator is conversely indicating a bullish divergence signal, making higher highs and higher lows with diagonal support as drawn in red on the indicator. This is a buy signal for the XLM/USD pair.
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.