- Stellar has managed to surpass the wedge pattern after a few days of a price increase.
- Stellar (XLM) is currently indecisive as price roams at $0.070 price levels
Since our previous price analysis on Stellar, its price has remained in a squeeze after a slight break-up on the falling wedge pattern yesterday. Meanwhile, the mentioned support and resistance levels are still very much intact. Up till this moment, the price action is yet to display a significant move.
Stellar’s price is now in the middle of consolidation as the market stable gets at around $0.070 price level. The token is preparing for the upcoming wave, which seems bullish due to the recent price break. The price of Stellar may roll back if the buy signal turns false.
Stellar’s Current Statistics
Trading Price: $0.070
Market Capitalization: $1,376,204,171
Trading Volume: $122,228,777
Key Resistance Levels: $0.0725, $0.075, $0.080
Key Support Levels: $0.066, $0.063, $0.060
Stellar Price Analysis for August 26-27, 2019
Stellar (XLM) continues to follow a bearish sentiment on the 4-hour time frame, although the token has managed to jump out of the wedge, followed by choppy price actions. An upward drive is likely to push price at $0.0725 before climbing further to $0.075 and $0.080 on the upside.
As shown in the price chart, the trading volume is relatively low as the bears may continue to release pressure in the market. In such a scenario, we can expect a fall back to $0.066, $0.063, and $0.060 on the downsides. As of now, the XLM/USD pair continues to remain on a long-term bearish bias.
Conclusively
If the price actions can stay above the wedge formation, Stellar (XLM)’s price is most likely to go up to key resistance levels. A fall in price might allow the market to trade back in a tight wedge range. As it appeared now, the XLM/USD pair is indecisive at the moment.
Technical Indicator Reading
The RSI revealed that Stellar’s market has been gaining momentum over the past few days. The token may further rise if the indicator continues to trend high.
Stochastic RSI meets a critical level at the lower limit, suggesting a selling pressure. A quiet drive might cause more drops in 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.
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