Stellar Price Analysis: XLM being explored by Coinbase; nevertheless XLM/USD has open gaping hole
- XLM/USD slowdown of bloodshed for now, after price drops around 40% in 6 days.
- Coinbase are exploring adding digital assets including Stellar Lumens (XLM).
Stellar Lumens (XLM) suffered heavy losses over the past few trading sessions, but the price managing to stabilize ever so slightly on Friday. The price is trading towards its sixth trading session in the red, having dropped as much as 40%.
XLM/USD on the 25th November had formed a near-term bottom area, just as seen across the cryptocurrency market in general. This was seen at around $0.1360, it has been respected right up until the 5th December. Bears managed to force a daily close below and then extend that pressure in the session of the 6th.
In terms of news flow, cryptocurrency exchange Coinbase, mentioned XLM in the list of digital assets they are exploring, in their latest blog post. This covered in an earlier article written on FXstreet.
In the session today – Friday, some stabilization has been observed somewhat, a slow down of downside pressure, but still nursing losses of around 1%.
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
