The cryptocurrency market remains bearish, having lost 15% in the last seven days. The downhill journey did not spare each and every assets, with Stellar taking a significant hit during the crash. Since April, the alternate solution token has been battling bears, resulting in a 52 percent drop in XLM price. Let us take a chance on last week’s performance because the alt is still primed for more severe bearish movements.
Within the last week, the price of XLM has plummeted dramatically. While I was writing this, the al was trading near $0.1052, representing a 23 percent drop. Meanwhile, Stellar lost about 9% of its value in the previous several years. Furthermore, the asset saw very few trades at the time of publication, with the trading volume falling by 26.72 percent.
In addition, the market cap has dropped in the last seven days. The metric fell 22% in a week, from $3.37 billion to $2.62 billion at the time of publication.
Meanwhile, XLM continued its decline after the May 23 – June 10 relief rally. On June 11, the trend line and Seems To Convergence Deviation intersected on a downside curve. As a result, the price took another hit.
Stellar’s Relative Strength Index also fell precipitously after June 10. The indicators quickly reached 30 before resuming their upward trend to 50-neutral. Nonetheless, bears took control once more after the RSI peaked at 40 on June 15. In a declining curve, this pushed the indicator down to 35.48.
The Money Flow Index for the asset showed a similar bias. It experienced a sharp drop on June 10, reaching a low of 38 before retracing slightly to 45 by June 15. MFI, on the other hand, welcomed further declines to 32 in this publication.
Analyze the Supply Chain
Due to market conditions, XML social traction fell in the previous week. The token’s social dominance was 1.29 percent one week ago, following a steady decline. It is hovering around 0.151 percent at the time of publication, representing an 88 percent drop in seven days.
Meanwhile, on June 12, the social volume peaked at 211. The metric was at 83 during this publication due to steady declines. In addition, the network’s development activity has slowed in the last week. At the time of writing, the metric was up 0.8 percent to 89.