Stellar Lumens’ price has been on a steady decline since April 4, 2022, where it has lost over 20 per cent of its value. However, in today’s trading session, the cryptocurrency is showing signs of a bullish trend, gaining around a percentage point.
Unsurprisingly, in the last 24 hours, the cryptocurrency has seen its trading volume fall by 28 per cent. This has brought the total amount of money used to trade in the last 24 hours to about $338 million. Although the trading volume is still significant, a 28 per cent drop can impact a cryptocurrency’s price, causing a fall in price.
Since Stellar Lumens’ launch in 2014, the open-source distributed payment infrastructure has been able to facilitate a more streamlined approach to international money transfers such as remittance payments. The cryptocurrency has also made it possible for the day to day usage of cryptocurrency by everyone.
The milestone for its increased usage can be partly attributed to the project’s low transaction costs and swiftness. However, even with such a huge base of users, the cryptocurrency has struggled in the past few months. Since November 10, Stellar Lumen has lost over 55 per cent of its value. The current bearish trend is also a continuation of the crypto struggling to gain in the markets.
Stellar Lumens Price Prediction
The daily chart below shows that Stellar Lumens is in a strong, bearish move. This includes the fact that it has been trading within a descending channel since late last year. The chart also shows the prices recently hit the upper trend line of the channel. The prices are also coming down from the upper trend line resistance level.
Therefore, even though today’s Stellar Lumens price looks poised to gain in the markets, it is still in a strong bearish move. Today’s upward move is likely a market correction. My Stellar Lumens price prediction is a continuation of the long-term bearish move with a possibility of hitting the $0.16 support level.