Stellar’s Flippening: XLM Drops Four Spots in Crypto Market Ranking Since November
Stellar’s free fall in the crypto market rankings continued on Sunday, as XLM approached “basically worthless” levels following multiple technical breakdowns. Although Stellar’s performance has mostly followed its large-cap peers, the market for financial platforms appears to be crowded with XRP driving much of the demand.
Lumens was back on the defensive Sunday, falling 4.7% to $0.0968. That was the lowest since Dec. 15. Trading volumes were a hefty $127.5 million, not unlike the past seven days. Binance was the single largest market, accounting for roughly 13% of the daily transaction volumes.
In terms of technical levels, XLM’s next target is $0.0653. Below that, the bears could force a test of $0.0015, or “basically worthless” levels, according to crypto analyst Peter Brandt.
— Peter Brandt (@PeterLBrandt) January 21, 2019
Lumens has been in a sustained bear trap stretching all the way back to May 2018. The cryptocurrency has printed a series of lower highs over that stretch, including the so-called ‘FOMO bull trap of November. Since Nov. 19, XLM has declined a whopping 57%.
In late November, Stellar was the fifth largest cryptocurrency by market cap with a total value of more than $3 billion. It has since fallen to ninth, where it was worth less than $1.9 billion.
As of Sunday, the top-ten ranking looked like this: