- Stellar has been affected by the ongoing bearish sentiment
Stellar Lumens (XLM) has been one of the prominent altcoins and had a good start to the year. With the bearish pressure mounting since the end of June, the price has had a downward swing and is still trying to recover. The YTD price chart of XLM/USD shows fluctuations within the range of $0.07–$0.12.
Stellar Price Analysis
XLM coin has managed to maintain its prices above $0.055 mark even in the current bearish market scenario, as seen from the YTD price chart. The price was at a high of $0.1230 on January 08, but it gradually declined and reached $0.0733 on February 6, the downward movement was to the extent of 40.06%. Then, the Stellar currency managed to recover and exhibited a price rally of 79.67% on April 7 at $0.1319. By May 8, the XLM price had slid to $0.0885, a downward slide was to the tune of 33.41%.
The market, however, gained momentum and so did XLM price surged by 45.14% on June 22 and touched $0.1280. The bears had by then made a strong foothold in the crypto market and this was evident in the continual downswing where the Stellar price reached $0.0570 on September 24, the downward movement was to the tune of 55.46%. The current trading price is $0.0596, which is slightly better to the extent of 4.56%.
Stellar’s initial bull run in the crypto market for 2019 was an offset of the bearish sentiment which came into the market during the end of June. The price of XLM coin has been on a continual downslide since then. Analysts expect the crypto market to be volatile for the short-term and have confidence in the potential of XLM.
Long-term investors should wait for the crypto market volatility to subside. Short-term and intraday traders have to be very cautious as the market is too volatile at the moment.