Stellar Lumens [XLM] loses close to $600 mn in market cap in a week
Stellar Lumens [XLM] is trading in red and accumulating losses. The cryptocurrency has reached its yearly low, trading below the major support level traced at $0.15. The bear rally that struck the crypto market ahead of the Bitcoin Cash hard fork seems to be taking the spoils of the battle. Most coins have touched yearly lows and are struggling to gain an uptrend in the market. The collective market cap has fallen by $94 billion, roughly a 44% decline.
A minor bullish pressure caused XLM to find support at $0.1303. The slight buyer pressure has risen the coin prices to the intraday high at $0.1387. However, the virtual currency faced strong resistance at $0.138 and fell to trading at $0.135. The next major resistance level for the coin can be found at $0.155.
The RSI for the coin indicates that the cryptocurrency was oversold for a brief period of time at the beginning of the day. Currently, the RSI represents increased selling of the coin. The MACD signifies a strong bullish momentum. The 100 EMA line for the coin trading at $0.14 is showing a downtrend. XLM is currently exchanging hands at $0.133 is dipping against USD by 8%. The coin is currently trading with a market cap of $2.5 billion. The market cap has dipped by around 6% in today’s trading session.
The digital asset is falling against Bitcoin [BTC] by 6.10%. At the time of writing, one XLM is equivalent to around 0.00003530 BTC.
Stellar Lumens Latest Updates
- Bitgo, the multi-signature wallet has added support for XLM according to a recent announcement by the wallet company.
- Stellar Lumens is launching SDEX, the company’s native decentralized platform. The company is also planning to effect changes to their core protocol. The change will affect all the Stellar based trading platforms.
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