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Stellar (XLM): Aspects That Didn’t Favor the Latest Rally

The Stellar blockchain has seen substantial network upgrades within the past six months. Nevertheless, the timeframe has the ecosystem’s native crypto, XLM, narrating a different tale. The June 29 newsletter saw the Stellar platform informing users about some updates recorded within the previous six months.

The newsletter revealed the top cross-border peer-to-peer payment site MoneyGram introduced its crypto-to-cash services on the Stellar platform during the reviewed timeframe. Moreover, Mercado Bitcoin customers could enjoy USD Coin on the Stellar platform since May this year. Nevertheless, let us check how XLM performed amidst these developments and more in the Stellar network.

6-Month Long Declines

XLM welcomed 2022 changing hands near $0.27. Nevertheless, six months saw the alternative token losing around 60%. While publishing this blog, XLM traded at $0.1077. Moreover, its market cap plunged from early on the year figure of $6.62 billion to $2.69B during this publication.

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The altcoin lost 0.45% within the past 24 hours. While writing these lines, increased selling momentum emerged as the RSI (Relative Strength Index) maintained a downside curve at 39.60. Moreover, the Moving Average Convergence Divergence position highlighted the start of a bear cycle. XLM dropped 88.62% since its ATH, trading around the November 2020 lows during this publication.

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On-Chain Analysis

XLM noted a social volume slump within the past six months. The metric plummeted by 66% in six months to 89 during this writing. Meanwhile, the social dominance climbed towards 0.43% highs by May 25 before plunging. While publishing this blog, it stood at 0.158%.

The development activity uptick on Stellar within the past six months wasn’t a surprise due to the multiple developments within the blockchain. This index maintained upside trends since the year started, surging 167%. Meanwhile, the XLM whale supply saw a 17% slump within the past six months, hovering near 44 at this publication.

The current market outlook reflects dominant bearish tendencies in 2022. Bears have consistently erased all upside attempts, translating to massive discounts in the marketplace. While publishing this news, the cumulative value of digital tokens stood at $865.29 billion, decreasing by 0.04% within the past day.

📰 Also read:  Ripple CEO Projects Crypto Market Capitalization to Reach $5 Trillion By End of 2024

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📰 Also read:  Ripple CEO Projects Crypto Market Capitalization to Reach $5 Trillion By End of 2024

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Tokenhell is a blockchain & crypto news agency where you can discover all the recent news about cryptocurrency and blockchain.

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