- Stellar price analysis highlights XLM’s 13 percent price drop.
- Stellar takes a price dip as the entire market bleeds.
- Stellar looking for support above May 29 swing low of $0.34.
- While a rally is possible, the selling spree takes the day.
Stellar suffered massive dumping as it broke down past a critical support region. While Stellar now seems to have found support, there is a probability of things going south very fast if sellers continue selling their assets.
Stellar Price Analysis: General price overview
Stellar’s price action has been recording negative price movements for the second day straight as market participants worry about regulations, demand, and high-interest rates. At the time of writing, Stellar is exchanging hands at around $0.33038, which is the lowest price point since May 23. Stellar, at the moment, has a market cap of about $7.6 billion, and its ranking, according to coinmarketcap.com, has dropped to 19.
Stellar is a blockchain project that Ripple co-founder Jeb McCaleb developed. The platform permits people to build virtual representations of other fiat currencies, such as the Euro and US dollar, for those who do not know. The platform is commonly used in asset exchanges, money transfers, and microprocessor payments.
The crypto asset price has continued to soar due to the overall performance of the crypto market and the fear of missing out on a good investment opportunity by market participants. Stellar has depreciated by more than 55 percent from its highest level this year, in line with the ongoing bearish crypto market. Today’s trading session saw the crypto depreciate further as the general market bleeds.
Stellar price movement in the past 24 hours
The last 24-hours have seen Stellar depreciate by about 13 percent to trade at around $0.33038 currently. This price movement comes when most major crypto assets are halving their assets as they continue recovering from the May 19 market dip. Stellar’s immediate support level at $0.33 and $0.3 could halt the bearish trend and serve as a level for price reversal in an optimistic case.
However, Stellar’s downward trend might not be over. In the worst-case scenario, the crypto asset could retest that recent swing low of $0.274 recorded on May 23. In such an event, a price reversal that shoots from the $0.274 would have more enthusiasm than if it emanated from the intermediate support levels aforementioned above. Therefore, market participants need to keep a close eye on the continuation of this selling spree.
Stellar 4-hour chart
On the other side, if Stellar manages to go against market conditions and settle above the 50 percent Fibo retracement level, it will cancel all the projected bearish prospects. The 50 percent Fibo retracement level coincides with the $0.372 price level. Such a close would signify the reemergence of buyers.
If Stellar manages to settle above this price level, the crypto would indicate the start of a price recovery poised to take it to newer heights. XLM would move towards the lower limit of the supply zone in such a case. This level almost coincides with the range high of $0.48.
From the information derived from the charts, things do not appear to be good for Stellar. Apart from dropping below the 61 percent Fibo retracement level, Stellar has also depreciated below the 15, and 25-day exponential moving averages as its trade volume takes a beating. Despite the bearish outlook, investors could take advantage of the low price to accumulate their holdings.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.