Stellar (XLM): What Holders Need to Know Before Squaring Their Position
The crypto market remains in bearish hands, losing 15% within the past seven days. The downside journey didn’t spare any assets, with Stellar sustaining a massive hit amidst the crash. The alternative token has battled bears since April, translating to a 52% decline in XLM price. Let us chance last week’s performance as the alt remains primed for further severe bearish actions.
Bears Unleashed
XLM price saw massive plummets within the past week. While writing this content, the al changed hands near $0.1052, reflecting a 23% plunge. Meanwhile, Stellar dropped around 9% of its value over the previous 24 hours. Also, the asset experienced substantially few trades at this publication, with the trading volume flashing a 26.72% decline.
Also, the market cap registered a plunge within the past seven days. The metric noted a 22% drop in a week, plummeting from $3.37 billion to $2.62 billion at this publication.
Meanwhile, XLM followed the May 23 – June 10 relief rally with another downside run. The trend line and Moving Average Convergence Divergence intersected on a downside curve on June 11. That saw the price taking an additional beating.
Also, Stellar saw its Relative Strength Index on a sharp decline after June 10. The indicators swiftly touched 30 before a relief resurgence pushed it higher to the 50-neutral. Nevertheless, bears dominated again after the RSI peaked at 40 on June 15. That forced the indicator down towards 35.48 in a declining curve.
The asset’s Money Flow Index presented a similar bias. It noted a sharp fall on June 10, touching the 38 low before a slight retracement toward 45 by June 15. However, MFI welcomed further declines to 32 at this publication.
Ongoing market conditions had XML social traction falling within the previous week. The token’s social dominance hovered at 1.29% one week ago, following a stable fall. It hovers near 0.151% at this publication, showing an 88% drop in seven days.
Meanwhile, the social volume hit the 211 high on June 12. Steady declines had the metric at 83 during this publication. Also, the network’s developmental activity witnessed slowed growth within the previous week. While writing this news, the metric stood with a 0.8% surge at 89.
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