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Stellar Leaves Behind $0.070 Price Mark; No Recovery Observed
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[Image: W0FXIonv.jpeg]
Stellar Leaves Behind $0.070 Price Mark; No Recovery Observed

  • Stellar coin continues to trade in the lower range of prices.

  • XLM trend appears to be bearish and draws an impulse wave pattern.

  • XLM price may take time to trade above $0.070 once again.

  • There has been a notable plunge in the 24h volume as well.

Stellar Lumens seems to have drastically affected by recent dip from the group of performing altcoins. After this plunge the price has even remained below major support level of $0.065 for most of the time period since the past 5 days. With this there is a notable decrease in the 24h volume as well. XLM marked a 24h volume of $114,989,102 on 28th August, but today after 5 days there is a major fall of over 37% leading to $71,496,539 today.

XLM to USD Price Chart by TradingView:

The below XLM/USD price chart is a data feed from Coinbase as on 2nd September at 11:16 UTC.

[Image: Stellar-Price-Chart-1024x406.png]
XLM Price Chart by TradingView

XLM was trading around $0.062 at the onset of the month i.e. yesterday. But it is important to note that Stellar has remained below $0.070 and even below $0.065 since past 4-5 days. Nevertheless, almost the whole crypto market was shaken towards the end of the previous month. However, Bitcoin, Ethereum, Litecoin and many such performing and top ranked cryptocurrencies have tried to comeback with a moderate surge since yesterday.

But the same is not reflected in XLM price and trend. The coin has even gone as low as $0.060 in this said time frame. However, position that Stellar price holds indicate that it will soon trade above $0.065 and $0.070.

Presently, XLM like any other coin has a rooted support from the short-term moving averages but continues to remain under the selling pressure.

Technical Indicators:

Stellar price is going to face an immediate resistance at $0.065 and immediate support at $0.060, while the major resistance remains around $0.070. XLM is expected to trade around current major support and if it breaks out even further, the coin will be circled by a strong bearish pull.

The MACD of the coin has slipped below zero in the negative axis but with a slight bullish crossover as the MACD line crosses the signal line.

The RSI of XLM is slightly above 40, with moderate volatility showing no extremities at present.

by Mehak Punjabi

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