Stellar Lumens (XLM) price faces headwinds as the crypto coin stands 7.2% below the $0.1295 key resistance level. This bearish move can be attributed to Bitcoin’s recent price action. The XLM coin is currently priced at $0.1203, down 0.08% till press time.
Due to the Bitcoin crash in August, XRP lost its July gains and is currently trading 50% below that level. As a result, Stellar Lumens also suffered a major blow due to its similarities with Ripple. The price for XLM has also retraced from its July highs and is currently trading 39% below that peak.
Earlier in August, the developers of Stellar Lumens introduced the “Stellar Disbursement Platform”. This platform will allow users to carry out transactions in a cost-effective and timely manner. The developers also announced the platform will provide its services across 180 countries, making it easier to convert digital currency to cash.
In other news, the Blockchain-based payment network Stellar made headlines last month. The blockchain network currently sits at a $304 million tokenized treasury market cap. This was more than Ethereum and Polygon, which both recorded $291 million and $24 million, respectively. Stellar Lumens is currently trading 41% above its yearly low.
The price chart for XLM crypto reveals the price successfully broke above the $0.1295 key level. However, the bullish momentum was not enough to keep the price above it. Therefore, the price plunged 10.4% right after and is now trading at $0.1295 below the key level.
The Stellar Lumens price prediction has turned bearish as the price eyes a retest of the 200 MA, which lies at $0.1062. A breakdown below this key moving average will open doors for a retest of $0.096, which is the next major support level.
In the meantime, I’ll keep sharing updated analysis of XLM crypto and my personal trades on my Twitter, where you are welcome to follow me.
This post was last modified on Sep 15, 2023, 13:25 BST 13:25