Stellar Lumens endured a massive fall to hit its lowest price level in 24 months as the overall crypto market plummeted beneath the $900B market value. Coinmarketcap data shows the alternative token explored the $0.0828 value early on November 11.
That represented the lowest mark since changing hands near $0.0806 on November 13, 2020. Though this may not be an anticipated bombshell, not many market players projected such lows for XLM.
Meanwhile, it can also reflect XLM mimicking the steps of its peers, following the latest events in the market. Besides the price, Stellar endured impacts on other parts.
Santiment’s data showed XLM’s development activity endured a significant dip. While publishing this blog, the development activity dipped from the November 1 level of 20.35 to 13.29. That reflected declined upgrades within the XLM market.
Similarly, the latest market slump may have failed to present shrinks (despite the substantial network boost). Furthermore, Stellar Lumens investors didn’t trust the cryptocurrency market to keep holding the alt. while publishing this blog, XLM’s volume had plummeted by 48.39%.
This data showed heightened sell-offs over the past day until this publication. Considering Santiment’s data, XLM recovered to trade near $0.96. Nevertheless, market players that capitalized on the minor price uptick may want to exit early because of the volume drop.
XLM also suffered on its social dominance front. The metric stood at 0.063%, confirming that Stellar Lumens’ experienced few social discussions and searches. That means XLM’s revival might emerge from the BTC upswing.
What Foresight Reveals
The 4hr chart shows XLM was about to surrender the lately-reclaimed $0.09 mark. That’s because the EMA (Exponential Moving Average) confirmed authority struggle. While writing these lines, the 50 Exponential Moving Average was in spell with the 20 Exponential Moving Average.
That showed XLM’s next move would be to stay neutral. The DMI (Directional Movement Index) showed buyers might push the token in a positive direction. Nevertheless, the ADX (Average Directional Index) indicated that the buyer momentum should amplify to support further upsides.
XLM may need the Average Directional Index to climb to 25. The alternative token may find it demanding to see greens as the ADX reads 15.49.