Stellar managed to shock the market twice in a row now. Once with its recovery during the last weekend as it defied last week’s bearish market, and now with a nose-dive past the $0.07 support levels when all the indicators were showing a bullish market ahead.
Once again, our Stellar XLM price analysis will focus on finding new resistance and support levels for the coin and trying to find optimal entry points for bulls in an attempt to somehow revive the market for future gains.
Stellar XLM price analysis: Resistance and Support
Since we’ve already broken the secret, let’s start straight up with calling $0.07 the main resistance level in the coming days of Stellar XLM trading. It now has the title of both crucial and psychological resistance points, therefore gaining much more attention and momentum.
However, even if XLM retests $0.07 there will be very little support from the bulls as the sentiment is predicted to die down right after.
The support levels are currently positioned on $0.066 and $0.065 respectively. If either of they fails to hold, it’s likely that XLM will fall as low as $0.060 by the end of August.
Considering that Stellar doesn’t react to Bitcoin surges, it’s also unlikely it will ride the wave if BTC breaches the $11,000 resistance.