XLM price analysis 16 May 2019: down since yesterday bull

Stellar had a rough night yesterday and is still trying to recover from the damage. In fact, one of the main contributors to the damage was the small technical difficulty on its blockchain network. However, it has started operations once again.

Stellar is not the only coin that decreased in price yesterday, as nearly every single crypto saw a small dip in prices overnight. However, every crypto including Stellar is forming yet another bull market for the end of the day. In fact, it is possible that this new bull market will surpass the previous one, and continue until the end of the year.

XLM chart by TradeView

Stellar can say that it has had a relatively OK-ish overnight bear compared to other cryptocurrencies as it is currently enjoying a more than 25% increase since morning.

Many investors believe that the Stellar and Bitcoin Cash technical issues were the primary contributors to last night’s bear market as transactions were not possible, therefore price movement was pretty much unheard of for a few hours. When other investors saw such a development for coins in the Top 20, they quickly decided that the bull was over and caused a chain reaction in the whole market.

This is the theory that bulls are relying on as they try to form a new momentum. Looking at the price at which it is sitting right now $0.148, compared to last night’s $0.138, it’s easy to see that the momentum has already begun. Whether or not that momentum lasts until 2020, or as little as tonight, remains to be seen.