Stellar price analysis 24 June 2019; hitting the correction phase

stellar price analysis 5 may price down

After a massive jump alongside the major coins in the market on June 22nd, Stellar Lumens has started to massively lose ground in terms of price.

The coin has already shredded quite a lot, falling from the $0.1337 high to the low $0.1273 low within just a few days. Although it could be associated with Bitcoin‘s predicted stop in consolidation, XLM’s poor performance over the last few months should also be accounted for.

XLM began the day by trading on a sideways trend, which was a clear sign to investors that there was no significant momentum to leap onto. Both the major resistance and support levels could not be maintained and the coin plummeted to a new low, although in better shape than last week.

XLM price chart

XLM chart by Trading View

All of the major moves that we see in the last few days were the by-product of uncontrolled hype, therefore XLM traders shouldn’t be looking at their own coin’s performance in the charts, but instead should be focusing on Bitcoin.

Should yet another surge occur with the #1 crypto, XLM is sure to follow.

In the meantime, the RSI stands flat, without seeing dominance from neither bears nor bulls. XLM’s price is expected to remain flat before yet another jump happens in BTC’s price, be it an upgrade or a downgrade.

Giorgi Mikhelidze

Giorgi Mikhelidze

Georgian-born blockchain enthusiast Giorgi leverages his software development background for on point market commentary and analysis. A brief stint with Finance Makers and he's now covering crypto news for high authority websites with the tip learned from past experience, "Whenever you see people talking about the weakness of your idea, don't see it as criticism."

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