Stellar (XLM) Price Analysis: Bulls Need Discipline To Bounce Up. Sunday, October 28th
Stellar Price Analysis, Bulls Need Discipline To Bounce Up
The last couple of days have been bearish for Stellar. An announcement on October 25 by the project was expected to see the downtrend reverse but the bears have proven to be resilient. On the date, the coin slightly broke its bearish trend and began an upward trend. Having not made any major gain, the bears took over again and the bearish momentum continued.
On October 25, the project announced that they were launching an Instant Payment Channel- Starlight, much like Bitcoin’s Lightning Network.
At the time of writing this, Stellar XLM is trading around $0.229098 with a market cap of $4,328,755,161. In the last 24 hours, the coin has dropped by 1.72%. Although the drop does not signify much, it is a trend that has seen the coin fall from 0.26 at the beginning of the month to its current position.
Fortunately, the bulls have found support at the $0.20 support level. Stellar hit these low levels right after the market drop on October 11. The bulls were able to bounce back from the drop and traded above $0.21 in the following hours.
By October 20, prices had recovered from the lows and were trading above $0.24 and experiencing some sideways action.
XLM/USD Price Chart, Sunday October 28th:
The bulls will be now watching out for some positive momentum, likely to be triggered by some good news around the project.
In July, the coin was trading well above $0.30 and this is the position the bulls will be looking to hover around towards the end of the year. This will set it up for a positive momentum as we usher in a new year. For this, they will have to defend its current position and ensure that the coin does not hit lows of $0.20. These low levels bring the potential of a market panic and with it a sell-off possibility.
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