- Stellar’s price trades conveniently above the technical support at $0.080 despite the past few days decline.
- The token remained indecisive as the XLM price may break long on a short-term
- While maintaining the rising trend line, the RSI still confirms a bullish divergence signal on the 4-hour chart
Following the past weeks trading, Stellar’s price is still holding conveniently above the $0.080 mark. Although, the market price action has continued to follow a downtrend.
For over 15 days now, the XLM market appeared indecisive with choppy price action. As a matter of fact, the token’s volume is meager at the moment, making the market inactive and dull for trading.
Subsequently, the Stellar (XLM) looks bearish despite the recent choppy price actions. The token records 0.04% price increase during 24-hour of trading.
The price of Stellar may go up if we can see reasonable price growth in the market. Meanwhile, the technical indicators have been turning positive over the past week, revealing a near term buying. We can expect an upsurge for the XLM market.
Stellar Lumens’ XLM’s Current Statistics
Trading Price: $0.082
Market Capitalization: $1,618,272,683
Trading Volume: $90,876, 255
Key Resistance Levels: $0.089, $0.96, $0.10
Key Support Levels: $0.080, $0.076, $0.070
Stellar price technical analysis as per August 2, 2019 data
Stellar is displaying a declining market over the past month as the price action continues to respect the blue descending trend line. Now, XLM appeared non-volatile as price moves side-way, signaling a possible surge in the market. While price remains indecisive, the XLM trading is likely to go down to the $0.080, $0.076 and $0.07 supports if the bears turn up.
However, a bullish regroup may bring a decisive move with a potential break above the descending trend line. If such a scenario occurs, the price is likely to go as high as $0.089, $0.096, and $0.10. On the long-term outlook, Stellar remains in a bearish control as a rebound is possible if the $0.080 can act strong. Meanwhile, the token is reflected neutral on the short-term.
Conclusively:
Looking at price movement on the technical indicator, we can see that Stellar is significantly bearish on the 4-hour price chart, but rising on the RSI – This shows a potential bull-run in the air. We can expect the price to meet the mentioned supports if the market obeys the technical indicator.
Technical Indicator Reading
While price falls, RSI is tilting up slowly with a sign of bullish move for the market. Stellar (XLM) may likely break-up soon.
Stochastic RSI is heading up at the overbought zone, showing a buy pressure in the market which is yet to play out in the chart on the price chart.
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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