In today’s trading session, the Stellar Lumens price is up by a percentage point. It is also the second consecutive day that the prices are rising in the markets. For almost a week now, the Stellar Lumens price has traded in a sideways market.
The horizontal trend started after the recent aggressive push to the upside, which started on August 8 when prices set a new price high of $0.138. Following the prices hitting the crypto hitting the price level, it started an aggressive push to the downside, which has seen Stellar Lumens value dropping by 20 per cent.
When looked at in context with other cryptocurrencies, the recent Stellar Lumens drop has been in tandem with the general industry movement, whereby in August, the prices have struggled, which has seen the market cap of the industry taking a hit.
Another reason for the current drop has also been the major cryptocurrencies being aggressively pushed to the downside. Stellar Lumens, which is positively correlated to most of these major cryptocurrencies, has seen its prices being dragged by market forces, resulting in the current bearish trend.
The chart below shows Stellar lumens rising by a percentage point in yesterday’s trading session and continuing the trend into today’s session. Part of the reason for this is the recent uptick in trading volume whereby, in the past 24 hours, the trading volume has gone up by more than 35 per cent.
Normally, such a huge change in trading volume results in a price surge and may be the reason we are seeing the current push to the upside. However, despite the recent price gains, my Stellar Lumens price prediction is still to the downside. The cryptocurrency industry is still struggling.
Therefore, I expect the prices of Stellar Lumens to be dragged down as the industry continues to struggle. There is a high likelihood we may see prices trading below the $0.10 price level. It is also possible that, in the next few trading sessions, Stellar Lumens price will have hit the $0.092 support level and possibly trade below it.
This post was last modified on Aug 26, 2022, 15:40 BST 15:40