- Despite the recent price increase, Stellar bears are still looking for lower levels to release pressure in the market
- The XLM market is likely to diverge bullishly as the RSI indicator forms higher highs and higher lows pattern on the 4-hour chart.
- If the bulls can regroup, the Stellar’s price may go up as high as $0.12 on a short-term bullish move
Stellar is yet to signal a positive move after a long correction that led the market to current downtrend. In the last few weeks, the sellers have assumed control of the market as they floor the token to a monthly low of $0.076 – a critical support level for the XLM market. Recently, the trade has become inactive due to low volatility in the market.
Still, XLM is ranked the 10th most significant cryptocurrency behind Bitcoin SV (BSV) as of today. However, if the bears resume selling pressure, there’s a high tendency for more price drop. In the last three days of trading, the token is hovering around $0.084. We can expect an upward movement if the $0.080 can hold as support for the market.
Current Statistics of Stellar (XLM)
Trading Price: USD 0.084
Market Capitalization: USD 1,634,189,575
Trading Volume: USD 30,843,334
Key Resistance Levels: $0.089, $0.96, $0.10
Key Support Levels: $0.080, $0.076, $0.070
Stellar (XLM) Price Analysis for July 30, 2019
As we can see on the 4-hour chart, the XLM/USD pair is revealed on a downside following the past weeks bear sentiment in the market. Up till now, the sellers are showing interest in the market as the short-term support at $0.080 continues to suppress short positions since July 24.
If the support turns weak, the monthly low at $0.076 may be explored before testing the $0.07. Meanwhile, the red falling trend line acts as pennant resistance for the market.
Should Stellar reverses trend, the $0.089, $0.096 and $0.010 resistances will play out in no time.
On a long-term, however, the structure of the market appeared in decline. Unlike the short-term outlook, XLM shows an indecisive market with a possible price surge.
Let’s consider the short-term outlook, which remains indecisive at the moment. Stellar’s price is likely to rise significantly to the critical resistance if the $0.080 level can bolster as technical support for the trading. Otherwise, a more bearish scenario will play out.
XLM’s Technical Indicator Reading
The RSI of Stellar (XLM)’s price has reversed the trend on the 4-hour chart with a bullishly dividing signal, which gradually plays a role in rising channel pattern.
Stochastic RSI is currently testing the 70 level due to sudden buying pressure, which may drop soon if the buyers fail to further trouble.
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.