- Stellar’s price may fall sharply to near support if the bulls fail to sustain pressure
- The XLM/USD pair is following a bullish sentiment after surging 27.93% under 24-hours of trading.
The last 24-hour surge has made the price of XLM to hits $0.077, surpassing the resistance we mentioned in our previous Stellar’s analysis. From a weekly opening at around $0.058, the market has seen a price gain of 27.93% at the time of writing. Now, it appears the bulls are stepping back into the market. If the buying momentum continues, the XLM/USD pair may print more highs in future trading.
Stellar’s Current Statistics
Trading Price: $0.077
Market Capitalization: $1,573,178,542
Trading Volume: $398,123,138
Key Resistance Levels: $0.075, $0.078, $0.082
Key Support Levels: $0.070, $0.0673, $0.0657
Stellar Price Analysis for September 18, 2019
XLM is looking bullish on the 4-hours chart. With a violent upsurge, Stellar has successfully broken the descending trend line (yellow) which was acting as diagonal resistance for the past few weeks.
Now, the market is under a bullish control, and so, we may see more climb to $0.075, $0.077, and $0.080 resistance if the buyers can further sustain pressure in the market.
However, there’s a need for the XLM/USD pair to make a retracement move before fueling a proper bullish swing. If such a scenario occurs, the price is likely to slide to close support at $0.070 before driving further to $0.0673 and $0.0657 support levels. For now, the trend is still looking strong on the intraday trading.
Conclusively
Considering the sudden price increase on the 4-hour chart, we can say a trend reversal is playing out in the XLM market as the bull turns active. The market is likely to pull back as soon as the buyers become weak. Nevertheless, the bullish surge will continue if the $0.070 can hold as support.
Technical Indicator Reading
RSI for Stellar is revealed significantly at the overbought area owing to the sudden surge in volatility. The price may drop sharply if the RSI signals a bearish crossover.
MACD has seen a positive cross and has confirmed a bullish move for the Stellar (XLM)’s 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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