Stellar, the 12th coin by market cap is on our daily watch list as usual. In the current article, we will be covering the latest updates in XLM price action as well as some upcoming fundamentals to keep an eye on.
The distributed and open-source network, looking to be a leader in transfer services, has been losing its value in the last few weeks, with price declining from $0.11 (end of June) to $0.09 at the time of writing. Volume has also decreased since the beginning of the month, with the coin losing over $106M in volume.
XLM has been losing traction in the daily timeframe, with its previous highs being $0.1612 (May 16th). On the 1D chart, it’s clear that price action broke an important ascending trend, which is a key element to consider. The ascending trendline was held nicely until yesterday but the latest BTC upside momentum pushes the price lower. The current downtrend mirrors the altcoin market, with many coins such as XRP, following the same path.
Our technical insight evaluates two key support zones, the first one being the $0.089 area and the second one being the $0.073 area. Price action could bounce from both zones if TOTAL 2 (Altcoin Market Cap) also experiences an upside momentum.