Stellar Lumens had managed a good performance against the bears in the ongoing volatility in the crypto market during 2019. Though it started on a low note in 2020, it had managed to gain steam and pick up the price momentum in the ensuing days that followed. However, the bears have once again started showing their stronger position as visible from the seven-day price chart where the price of XLM coin has been mostly below the baseline in the range between $0.055 – $0.063.
Stellar Price Analysis
XLM price has nothing much to cheer over the past seven days, as evident from the bearish price trend. The coin started on a high note at $0.06329 on January 22. In the next two days, the price of Stellar cryptocurrency fell below the baseline to $0.05551 showing a downward movement of 12.18%. On the same day, the XLM price made a recovery to the extent of 4.06%. Then, the price again fell and touched $0.05583. After this 3.27% fall, Stellar price again recovered on $0.05862 on January 27, rise being at a rate of 4.99%. The current day’s price of XLM is at $0.05770, showing a downturn of 1.53% indicating that the bears are still very much in control of the price of the currency.
Analysts expect the current trend to be of a short-term nature and look forward to XLM getting back to its stellar performance during the year when the crypto market is expected to show more stability. Current investors need not despair and should believe in the capability of the coin to give greater returns in the long-term. Day traders and short-term investors can continue to trade amidst the current volatility in the crypto market.