Stellar Lumens (XLM) price experienced a major pullback as the Bitcoin price hit fresh weekly lows of $41,630 on Tuesday. The bearish price action comes after XLM crypto failed to clear the supply above the $0.13 resistance level.
This resulted in a 1.34% drop in the weekly timeframe as XLM reversed all of its Monday gains. Most altcoins showed a similar price action as the Total 3 market capitalization fell 2.59%.
The negative market sentiment could be attributed to the resignation of Greyscale CEO Barry Silbert. The CEO of the crypto asset manager announced is exiting just weeks before a potential approval of spot Bitcoin ETF. Therefore, the news was taken not lightly by the crypto investors due to the critical nature of its timing.
Considering the across the board crytpo rally in the last two months, Stellar Lumens appears to have immensely underperformed compared to other major coins. Since its October lows, it is up only 26% which is peanuts when compared to the likes of Solana, AVAX, IMX etc.
However, Stellar Lumens price prediction can still flip bullish if the bulls holds 200 MA which lies at $0.119 and overcome the supply above $0.13 resistance level. In the next few days, I expect either a breakout above $0.13 or a breakdown below $0.119 which will confirm the direction of upcoming trend for XLM.
This post was last modified on Dec 26, 2023, 23:25 GMT 23:25