Stellar Lumens XLM is yet another victim of the current crypto market sentiment as the coin has dipped more than 10% within the last 24 hours.
The fact that altcoins are suffering through a serious bearish sentiment is no news as Bitcoin is continuing to struggle at $11,700 price points at press time.
Stellar’s performance within the last month hasn’t been anything to write home about as the coin failed to ride the crypto bullish wave when Bitcoin peaked at a yearly high of $14,000 a couple of days ago.
But it seems like XLM is indeed responsive to the market sentiment, just in the bearish sense rather than bullish.
XLM‘s resistance levels currently sit at $0.090 as the coin managed to dip below it today at $0.089 during press time.
Should XLM manage to consolidate and break the $0.090 resistance with gusto, it’s possible for it to reach the falling level of $0.098 next.
However, as the general market sentiment sits right now, the coin is poised to follow the general market direction, which is bearish.
It’s currently impossible to compete with BTC market dominance which is likely to continue for the next two weeks at least.
Once the market dominance peaks at around $16,000-$18,000 for BTC, the altcoin season is predicted to start as traders start anticipating the failure to reach a new all-time high.
In the short term though, Stellar remains in the bearish zone.