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.
Legal Disclaimer: Please remember that trading, buying or any other type of investing in cryptocurrencies should be consider risky and may lead to the loss of all of the invested money. For further information visit Terms and Conditions section on TokenTops. We do not encourage our readers to any kind of financial decisions. Neither tokentops.com nor its parent companies accept responsibility for any loss, damage, or inconvenience caused as a result of reliance on information published on, or linked to, from tokentops.com. We believe that everyone should make their own and in depth research on the particular topic in various sources before making any financial decision and this person should be the only one responsible for the outcome. Our writers do their best to remain unbiased and don't actively support any project. The research is done with various sources, the predictions are based on own believes, analytical skills, experts and community discussions and is intended to convey general information only.
You may also like
Bitcoin Cash BCH Down By 5%, Market Still Struggling To Rally
NEO Leads Bullish Charge, Is The Reversal Underway?
Litecoin LTC Headed For A $20 Position, Can The Bulls Salvage The Coin From Its Wreckage?
IOTA (MIOTA) Price Analysis And Prediction-Tough End Of The Year For The Coin
Stellar XLM Soars Following Coinbase Affirmation Over Interest On XLM Listing
Monero Price: XMR Leads Bullish Rally As The Market Lights Up In Green
You need to login to create comments.