Stellar Value Prediction: One other 33% decline can’t be dominated out – InvestingCube
Stellar (XLM) price fell for the second straight day as investors continued to worry about high interest rates, demand and regulations. The coin trades at $ 0.3395, its lowest value since May 23. It has a market cap of more than $ 7.7 billion and its overall ranking has dropped to 19.
Star news: For starters, Stellar is a blockchain project that enables people to create digital representations of other currencies such as the US dollar and the euro. The platform was created by Jeb McCaleb, a co-founder of Ripple.
The network is mainly used for money transfers, microprocessor payments, and asset exchanges, among other things. In the past few years, Stellar has grown into one of the largest cryptocurrency projects in the world. This is mainly due to the reputation of the platform’s founder. It’s similar to how Cardano and Polkadot became giant cryptocurrencies because their founders were also involved in developing Ethereum.
The Stellar price has also increased due to the overall performance of cryptocurrencies and the fear of missing out and the fact that more people are turning to the network. In line with the ongoing crypto sell-off, XLM price has fallen more than 55% from its high this year. The sell-off accelerated today as the rest of the crypto universe declined.
Star price analysis
A look at the daily chart shows that things are not looking good for the Stellar Lumen price. The coin managed to drop below the 61.8% Fibonacci retracement level. It has fallen below the 25-day and 15-day exponential moving averages (EMA) while volume has fallen. Therefore, looking at the daily chart, it is difficult to see any bullish signs emerging.
Hence, the coin could continue to fall for now as the bears target the next major support at $ 0.236, which is along the 78.6% retracement level. It is about 33% below the current level. This prediction will be invalid if the price rises above $ 0.4330.
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