Despite starting strongly in today’s trading session, Stellar Lumens price action has resumed an aggressive push to the downside.
In the early morning of the trading session, Stellar Lumens was up by 2 per cent after showing strong signs of an aggressive bullish move. The trend would have put an end to the past two days that had resulted in prices dropping by 5 per cent. However, as the session progressed, the intraday trading of the crypto has resulted in Stellar Lumens prices continuing to fall, and at press time, it is trading at 0.5 per cent above its opening price.
Since its founding, Stellar Lumens has continued to grow in traction due to its digital currency to fiat money functionality. In addition, the project has grown in the cryptocurrency community because it is a decentralized protocol that allows for low-cost transfers and cross-border transactions between any pair of currencies.
The gain in traction and its usability has allowed it to become of the largest cryptocurrency projects in the world, with a market capitalization of $2.8 billion. The project is also ranked as the 28 largest cryptocurrencies based on the market capitalization ranking system.
Having looked at what happened during the current session’s intraday trading, it is clear that, despite the early morning hours’ aggressive push to the upside, Stellar Lumens price trend is to the downside.
I expect the price to continue falling in the next few trading sessions. We are highly likely to see the prices falling below the $0.1 price level in the next few trading sessions. The current push to the downside may also be driven by the current bear market of the cryptocurrency industry.
However, should the price trade above the $0.118 resistance level, then my analysis will be invalidated. It will also mean a possible push to the upside.
This post was last modified on Aug 04, 2022, 15:46 BST 15:46