Stellar Lumens is tanking in today’s trading session. Currently, the prices are down by 7 per cent. The current trend also shows a likelihood that the prices may continue with the aggressively downward trend throughout the session.
Understanding the Current Stellar Lumen Price Drop
Throughout the year, Stellar Lumens has continually trended downwards. This month, for instance, the prices are down by 30 per cent. The drop in June is also extending a long-term trend that has seen prices drop by 10 per cent in May and 26 per cent in April.
Looking at the year-to-date data, Stellar Lumens’ price has dropped by 61 per cent. The drop has partly been contributed to by the global cryptocurrency bear market that has seen its market capitalization drop below $1 trillion for the first time in years.
There have also been other factors that have caused Stellar Lumens prices to drop, including the May crypto crash that was a result of Terra Luna and UST getting wiped out. In June, the cryptocurrency markets have also remained brutal. For instance, the price of Bitcoin has dropped by 36 per cent. With most altcoins, including Stellar Lumens, being positively correlated with Bitcoin, its fall in price has seen almost the entire cryptocurrency industry dragged to the downside.
Stellar Lumens Price Prediction
Stellar Lumens is down by 7 per cent in today’s trading session, resuming a bearish long-term trend that came to a halt yesterday when it gained 5 per cent. The prices are also looking aggressively bearish, and there is a high likelihood that the current bearish trend will continue throughout the session.
Using the daily chart below, my Stellar Lumens price prediction expects the prices to continue falling. As a result, there is a high likelihood that we will see the prices trading below the $0.1 price level. It is also likely that, with enough momentum, the prices will be trading below the $0.0900 price level in the next few trading sessions.
My bearish trend analysis will only be invalidated if the prices trade above the $0.15 price level. At that level, it will be clear that Stellar Lumens prices have reversed.