Stellar Price: Small Decline is a Precursor to More Bearish Pressure
With all cryptocurrencies lowly heading in the red again, it is evident today will not end on a high note. The Stellar price is setting the tone in this regard, as it has lost a fair bit of value in quick succession. For the time being it remains unclear how long this negative trend will last.
Stellar Price Drops Below $0.23
Similar to most other cryptocurrencies, Stellar hasn’t had the best of years in 2018. It was to be expected how all currencies would suffer from a massive correction. For the Stellar price, the previous high of $0.75 appears well out of reach at this stage. It’s not impossible to reach again, but the current momentum makes it appear less and less likely.
Over the past 24 hours, the Stellar price has lost another 2.67%. That is not a positive trend by any means, but it is to be expected after seeing all other currencies struggle for momentum all day long. As such, the Stellar price has roped below $0.23 once again and may continue to head lower for the remainder of the day.
As one would come to expect, this Stellar price decline is also fueled by a decline in the XLM/BTC ratio. With a 2.08% dip in this ratio, it is only normal the Stellar price will not remain in the green. Turning the situation around can happen at any given moment, but for now, it seems the bears will take control of this market once again.
The very low 24-hour trading volume isn’t helping matters much for the Stellar price either. While $38.4m in trades isn’t horrible by any means, it is rather disappointing for this altcoin. Considering how this is one of the currencies in the top 10 ranked by market cap, one would expect at least six digits in 24-hour volume. Unfortunately for XLM, that will not be achieved today.
Glossing over the markets, it seems Binance and BCEX have firm control over all XML trading right now. Both exchanges have one BTC and USDT pair in the top four, followed by Exrates’ BTC pair No fiat currency support in the top 10 will likely keep the Stellar price down or even push it lower in the hours to come.
Predicting the future Stellar price is a futile effort, although it is evident the current value may not be maintained for long. Considering how it only takes a tiny bit of bearish momentum to send the cryptocurrency markets in a downward spiral, it seems safe to assume the Stellar price will face a long and uphill battle going into the weekend.
by JP Buntinx via NullTX