Altcoin
Stellar [XLM] holders should know this before squaring off their position
Posted:
Journalist
The state of the crypto market is such that it has gone down by 15% in the last seven days. The Stellar [XLM] coin was no different and was a victim of the price decimation that hit the cryptocurrency market this week.
Since April, the coin has struggled with keeping the bears off its back, leading to a 52% drop in price per XLM token. Poised for a more severe bearish run, let’s s take a look at performance in the last week.
A bear on the loose
Just seven days ago the XLM coin ticked a price index of $13. However, at press time, the coin exchanged hands at $0.1051, recording a 23% decline. In the last 24 hours, the price per XLM coin dropped by 9%. Significantly few trades were underway at the time of writing with a 26.72% decline in trading volume within this window period.
In the last seven days, market capitalization also saw a decline. At $3.37 billion seven days ago, the coin registered a 22% decline to be spotted at $2.62 billion at press time.
Source: Santiment
Seeing a temporal relief from 23 May till 10 June, the XLM coin took on another bearish run. The MACD line intersected the trend line on a downward curve on 11 June. This led the price to take a further beating.
The Relative Strength Index (RSI) of XLM also fell sharply after 10 June. It quickly marked a spot at the 30 index before a temporal retracement pushing it upwards towards the 50 neutral region. However, peaking at 40 on 15 June, the bears took over once again, and the RSI was forced downwards to register a spot at 35.48 in a downward curve.
The coin’s Money Flow Index (MFI) followed a similar trend. The MFI fell sharply on 10 June, and touched a low of 38 before a minor retracement pushing it to 45 by 15 June. It has since taken on a downtrend and was spotted at 32 at press time.
Source: TradingView
On-chain analysis
In the last week, the coin saw a drop in the traction recorded on a social front. A week ago the social dominance of the XLM token stood at 1.29% after going on a steady decline.
At 0.151% at press time, the coin registered an 88% decline in just seven days. The social volume touched a high of 211 on 12 June. Since then, the token took the route of a steady decline to be spotted at 83 at the time of writing.
Source: Santiment
Moreover, developmental activity on the network experienced a slowed growth in the last seven days. At the time of writing, this metric was spotted at 89 after seeing a 0.8% uptick.
Source: Santiment
