Stellar (XLM) nose dives, July 2017 lows in focus
|- Stellar is down 20% in recent 24 hours.
- More sell-off may be in store amid global bearish sentiments.
Stellar is collapsing together with the rest of the cryptocurrency market. Now the fourth largest coin with market value $3.5B is changing hands at $0.20, off the intraday low reached at $0.1842. The coin has lost nearly 20% of its value in recent 24 hours, and become one of the worst-performing coins out of top 20. On a weekly basis, Stellar is down over 23%.
There are no Stellar-specific fundamental factors that might drive the price lower, it's just a bearish sentiment that gripped the whole cryptocurrency market.
Looking technically, the coin needs to recover above $0.2130 congestion zone to return to the previous range and get a chance for an extended upside movement towards $0.25 handle. This development looks unlikely at the current stage as Stellar follows the led of Bitcoin and other altcoins that are collapsing rapidly.
On the downside, XLm may revisit today's low at $0.1842. If it is broken, the sell-off may continue towards $0.1824, which is the lowest level since September 11 and to critical $0.1800 handle. It served as a jumping off ground for the recovery back in July 2017.
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