Key Highlights
- A great potential bullish rally is spotted on XLMUSD.
- Based on market structure, price is currently forming a double bottom uptrend setup.
- A bullish breakout is also spotted but slightly retraced back to a major demand zone at $0,07 and a bullish rally is possible to commence from this zone.
Stellar (XLM) Current Statistics
Market Capitalization: $$1,852,102,419
Trading Volume: $256,648,671
Major supply zones: $0.16, $0.30, $0.45
Major demand zones: $0.05 $0.02, $0.01
Latest News for Stellar
Information gathered revealed that Coinbase Pro announced their support for XLM/USD and it was clearly stated that deposits are currently being accepted of XLM with adequate trading support coming into place. Based on that, the process should take about 12 hours.
XLM/USD Price Analysis
Bulls are presently driving the price towards the high of 2019, only if the bullish rally is sustained. A potential upwards movement has already been spotted on Stellar. The Moving Average indicator (period 9) is already pointing to the upside which is signaling an Uptrend resumption. Technically, XLMUSD is subject to a greater wave of buying pressure, should the buyers manage to break the near-term supply zone at $0.16.
Chart Indicators Reading
Based on market structure, we may likely see XLM/USD bullish momentum using High and Low method of trading. Price is currently forming a double bottom trading setup (as it can be seen on the chart), and if this is sustained, there is a high probability of bullish breakout.
Technical indicators on daily timeframe are pointing towards bullish momentum and this may be seen in the upcoming trading days.
General Outlook for Stellar
Stellar has been trading in a negative territory today, price is significantly down (7.05% over the last 24 hours). Despite the negativity in the trading session, XLM has been regaining strength throughout the month. The market’s bullish wedge is gathering momentum and we hope to see a bullish resumption in the coming trading days.
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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