Yesterday’s hike of Stellar Lumens could not be sustained even for a day. It has been through price decline to the extent of 3.64% over the last 24 hours. The price of XLM coin has now fallen to $0.048757 from $0.050601 in this period.
XLM Faces Short-Term Bearish Pressure
XLM coin opened the day at $0.050601, and in the initial minutes, it could touch $0.051005. From there, Stellar cryptocurrency started trading downward and by 04:57 UTC, it lost 3.44% to find itself locked at $0.049251. It was followed by a 1.99% price surge that pushed the Stellar price to $0.050228 by 11:28 UTC. XLM price couldn’t stand long at this high and tapered off by 3.81% to place itself at $0.048313 by 00:45 UTC. It should be noted that the price changing pattern of Stellar Lumens for the last 24 hours was moderately volatile.
Currently, XLM coin is trading at $0.048757, and it is lagging behind its 50 days MA ($0.049036) and 20 days MA ($0.048948) by almost 0.5%. There may not be any price recovery in the coming days, and as per Stellar forecast, the XLM coin may have to seek the support of $0.04841. Investors are advised not to be swayed by the short-term bearish pressure as the medium-term may see some bullish happenings.
