Stellar XLM Loses its Intergalactic Momentum as Prices Plummet

Despite the recent positive push by other assets in the cryptocurrency market, Stellar XLM prices continue to disappoint its supporters with its poor performance in the last 30 days. This is very much unlike 2018, a time when Stellar prices were observed to be in a holding pattern with signs of uptrend supports building between July, all the way through November.

If we try to paint a trend line for the highs and lows with respect to the distance in time and price over the coin price movement, then we can observe the following trend line indicators.

Stellar XLM Graph Last 30 Days TradingView.com

Stellar XLM

We can see that the angle of the trend lines do not indicate a quick recovery as there is not enough movement in the market to maintain Stellar (XLM) at just above $0.09.

After sliding down around 3% against the US Dollar in the last 24 hours, XLM prices are currently hovering at $0.089, with a mere 0.79% correction recovery in the current 24-hour window.

With Ethereum’s recent breakout, most of the altcoins in the market have seen a significant volume boost on the daily chart, which is expected to steadily rise over the next few days. However, Stellar has only witnessed a volume of $92.6 million in the last 24-hours, barely improving at all.

Recently, the Islamic Republic of Iran announced the launch of their own gold-backed cryptocurrency called Paymon. Although the details are scarce, it is reported to be based on the Stellar blockchain. If the reports prove to be correct, this could give a much-needed boost to Stellar markets.

Despite this positive news, experts and traders across social media seemed to be worried about the weak supports that we spotted in our plot above.

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Image Credits: TradingView

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