Search ForexCrunch

The Stellar Lumens price seems to have been trapped in bearish mode with the price on a constant descent since 1 July. There seems to be no respite for XLM as the descent has been particularly brutal from the early May high of $0.90 to a low of $0.23 now. This represents a fall of around 75% from those highs and the situation does not look to be changing in the short term. If you haven’t yet bought some crypto, our how to buy cryptocurrency guide is a good place to start.

Stellar rather mirrors its sister crypto Ripple in that it usually stagnates at the same levels with very little movement either way. In fact, it has moved relatively little over the past month. After taking a considerable tumble on June 21, it hovered between the $0.28 and $0.28 levels for some time before once again retaining the $0.29 mark on June 29. However, it has been a constant decline since that date with the price slipping by around 20% to the $0.234 level. This is the lowest that it has ever been for some months.

Short Term Price Prediction For Stellar Lumens: Small movement of little consequence

Stellar Lumens Price

The bearish scenario currently affecting the Stellar Lumens price is set to continue for a while with very little movement either way. The support level of $0.22 is crucial as if that slips, a sell-off could ensue with the price dropping to below $0.20 and even as far down to the $0.1749 level. After attempting several times to target the $0.30 level, Stellar has encountered stiff resistance and has now been beaten back accordingly. If you’re in the hunt for grabbing hold of some crypto, then it would be useful to have a look at some cryptocurrency brokers.

The 12-15% descent which began on 5 July has now consolidated at the $0.23 range. There does not seem to be much buying pressure in this area and the price is expected to remain in these levels for a few days. If the support level of $021 is broken, then the selloff could be quick and brutal. If on the other hand, bulls come into play, the price may rise by 20% to the $0,26 level where another attempt on the $0.30 mark may be made. However, that is looking increasingly unlikely – at least in the short term.

Long Term Price Prediction For XLM: Back to the $0.70 level by end of Year?

Although there are some strong voices against this, several predictors are looking for Stellar to achieve the $0.80 level by end of year. With current crypto market sentiment that looks unlikely but if other large cryptos such as Bitcoin start to rise then it would pull up coins such as XLM with it. Stellar Lumens certainly seems to have found a bottom at around the $0.22 mark and if support holds, it should be able to bounce back up quite fast.

Looking to buy or trade XLM now? Invest at eToro!