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Stellar price analysis 10 July 2019; falling prey to the bearish market before updates

Stellar’s price has fallen victim to the bear market and there is seemingly very little that can save it now. But the traders are still hoping that the price will still remain competitive in the wake of the Stellar network upgrade planned for today.

Although the price is now somewhat frozen, it’s an indication that the bulls are hard at work combatting the bears for dominance. The new upgrade will be something that will finally differentiate the coin from its main rival, Ripple.

According to the Stellar team, their new upgrade will facilitate P2P transactions without the need to involve third-party companies.

Much like other cryptos in the top 10, Stellar relies on the traded volume during the day to keep its price pumping. Since that traded volume has decreased due to the small bear sentiment, it’s unlikely that the price will recover until it’s over.

At the moment the coin is being traded at $0.122 with a long way to go towards the resistance levels of $0.130.

XLM chart by Trading View

Although the chart shows us a small consolidation due to the anticipated upgrade, it’s still not enough to keep the sentiment going due to market pressure, therefore it’s not expected from Stellar to recover until the bear market calms down.

Seeing how that’s most likely a couple of days ahead, it may be smart to stock up on stellar while it’s on its way up. Short term gains are to be expected but nothing phenomenal.

Giorgi Mikhelidze

Georgian-born blockchain enthusiast Giorgi leverages his software development background for on point market commentary and analysis. A brief stint with Finance Makers and he's now covering crypto news for high authority websites with the tip learned from past experience, "Whenever you see people talking about the weakness of your idea, don't see it as criticism."