The state of the crypto market is such that it has fallen by 15% in the past seven days. the Stellar [XLM] coin was no different and was a victim of the price drop that hit the cryptocurrency market this week.

Since April, the coin has struggled to keep the bears off its back, leading to a price drop of 52% per XLM token. Ready for a heavier bearish run, let’s take a look at last week’s performance.

A bear on the loose

Just seven days ago, the XLM coin touched a price index of $13. At the time of printing, however, the coin switched hands at $0.1051, marking a 23% drop. In the past 24 hours, the price per XLM coin has fallen by 9%. At the time of writing, there were significantly few trades in progress with a 26.72% drop in trading volume within this window period.

Market capitalization has also fallen in the past seven days. At $3.37 billion seven days ago, the coin registered a 22% drop to be noted at $2.62 billion at the time of printing.

Source: Santiment

The XLM coin saw a temporary relief from May 23 to June 10 and went into another bearish run. The MACD line crossed the trendline on a downward curve on June 11. This caused the price to take another beating.

XLM’s Relative Strength Index (RSI) also fell sharply after June 10. It quickly marked a spot on the 30 index before a temporal retracement pushed it up towards the 50 neutral region. However, peaking at 40 on June 15, the bears took over again and the RSI was forced down to register a spot at 35.48 in a downward curve.

The currency’s Money Flow Index (MFI) followed a similar trend. The MFI fell sharply on June 10, reaching a low of 38 before a minor retracement pushed it to 45 on June 15. It has since assumed a downward trend and was spotted at 32 at the time of writing.

Source: TradingView

Analysis on the chain

Over the past week, the currency has seen a drop in the traction recorded on the social front. A week ago, the XLM token’s social dominance stood at 1.29% after a steady decline.

At 0.151% at the time of printing, the coin registered an 88% drop in just seven days. Social volume peaked at 211 on June 12. Since then, the token has taken the route of a steady decline to be noted at 83 at the time of writing.

Source: Santiment

In addition, development activity on the network has slowed growth over the past seven days. At the time of writing, this statistic was spotted at 89 after an increase of 0.8%.

Source: Santiment



This post Zodiac sign [XLM] holders should know this before squaring their position

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