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  • XLM/USD lost over 7% on a daily basis.
  • Local support comes at $0.3000.

Stellar (XLM) is the 6th largest digital coins by market value with capitalization $5.7B and average daily trading volume settled at $143M. It has gained over 70% from the recent low reached at $0.18 on July 12, however the upside momentum is fading away.  On a daily basis  XLM lost over 7% after a strong growth during previous trading days. The coin is changing hands at $0.3099 at the time of writing after spiking to $0.3500 late on Wednesday.

The news that the  world’s third largest crypto-currency exchange  Huobi added XLM trading pairs to the set of radable instruments served as a strong bullish catalyst on Thursday, but the coin succumbed to the downside pressure across the global cryptocurrency market and retreated from recent highs.  

Stellar’s technical picture

On the intraday basis, XLM is well supported by $0.30 handle followed by 200-SMA (1-hour chart) at $0.2993. If it is broken, the correction may be extended towards $0.2800 support. On the upside, the coin has to clear 50-SMA at $0.3193 before the recent high at $0.3500 returns into focus.

XLM/USD, 1-hour chart