Stellar lumen price has traded sideways for a week after breaking out of the support level of $0.12 price level. Today, the crypto is down by a percentage point and is looking poised to continue falling throughout the session.
Data from the past 24 hours shows something interesting that today’s drop in price is not reflecting, a 28 per cent surge in trading volume, or $199.3 million in numbers. Normally, such a huge spike in trading volume results in a bullish market. However, the fact that the surge in trading volume has not led to a continuation in today’s trading volume may be an indication of other factors in play.
Today, the cryptocurrency industry is also doing well compared to the past few days. The global market capitalization of the industry has gone up by 7 per cent in the past 24 hours. The market cap has also closed above the $1 trillion mark, and almost all cryptocurrencies are looking aggressively bullish today. This is also an indication that Stellar Lumens is trading against the general trend of the cryptocurrency industry.
In yesterday’s trading session, the Stellar Lumens surged by 6 per cent, stopping a bearish trend that had persisted for the previous two days. The surge in price also looked ripe for a price reversal, and looking at yesterday’s trading session data, you would have been mistaken to not call it a price reversal.
However, in today’s trading session, data is showing a much different perspective, with prices already down by a percentage point, The prices are also looking likely to continue falling. The market data, including trading volume and the general trend of the cryptocurrency market in today’s trading session, does not also support the current drop.
Therefore, my Stellar Lumens price analysis indicates there are other factors in play that are currently pushing the crypto down. These factors look to be overcoming fundamental factors such as positive correlation to the cryptocurrency industry, and therefore, my Stellar Lumens price expectations are for it to continue dropping. There is a high likelihood that we may see it drop and hit yesterday’s price low of $1.10.
This post was last modified on Jul 28, 2022, 13:00 BST 13:00