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Compound (COMP) Bears Take Full Control As Price Dips 20% In 7-days
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Stellar (XLM) Sheds 13% As Bearish Sentiment Takes Over

Olowoporoku Adeniyi by Olowoporoku Adeniyi
3 months ago
in Stellar
Reading Time: 2 mins read

In the past week, Stellar (XLM) experienced a decline in price, moving from $0.1 to $0.096. This represents a decrease of -13.42% in value. Furthermore, in the past 24 hours, XLM recorded a minor drop of -0.61%. These price movements indicate a slight bearish sentiment prevailing in the crypto market, with XLM being influenced by the broader market conditions. The recent downtrend in XLM’s price suggests that bears currently have the upper hand, while the scope for bullish activity appears limited.

What Could Be Responsible For The Recent Price Dip?

The Stellar ecosystem has been rife with developments in recent months, with the biggest being the launch of the Spacewalk bridge that connects the blockchain to Polkadot. The bridge was meant to enable smooth transfer of the USDC stablecoin between the two blockchains fostering increased utility and potential demand within Stellar’s ecosystem. 

However, this has not gone to plan, as Stellar’s price has failed to match the positive advancements in its ecosystem. Instead, bearish sentiment has engulfed XLM, which has contributed to the recent downward price movement.

Related Reading: XRP Next Step: Here’s Why An Upward Move Could Be Likely

The bearish sentiment indicates that market participants are cautious about XLM, leading to selling pressure and a lack of significant buying interest. It is important to consider the impact of market sentiment on short-term price fluctuations, as it can create challenges for price recovery and limit the potential for bullish momentum in the near term.

What’s Next For Stellar (XLM)?

Although XLM is currently experiencing a bearish sentiment, the long-term prospects for the cryptocurrency remain positive. Stellar’s roadmap for 2023 focuses on enhancing network utility through strategic initiatives. This includes making innovation easy and scalable through Soroban development, scaling and decentralization endeavors, and improving developer wallet tools. Stellar aims to win over builders by accelerating the growth of widely-used assets, promoting accessibility and user-friendly apps, and leveraging smart contracts for sustainable use cases in the DeFi ecosystem.

Related Reading: Circle Intervenes, Freezes $63 Million From Multichain Hack

Furthermore, Stellar’s focus on utility and building trust involves engaging in public policy, raising platform awareness, and maintaining high-quality wallet products. These initiatives are designed to strengthen Stellar’s position in the market and drive future growth. While short-term price movements may be influenced by market sentiment, the long-term success of Stellar relies on the execution of its strategic initiatives and the adoption of its network utility.

XLM Price Movement: Source @Tradingview
XLM  24-hour chart  Source @Tradingview

As a result, XLM’s value could potentially increase in the future, with projections indicating the possibility of reaching $0.11 by 2024. Investors and traders should closely monitor the progress of Stellar’s roadmap and evaluate market conditions when considering the future prospects of XLM. At press time, XLM was trading at $0.09691 per coin with a 1-hour price increase of 1.1%.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured Image from iStock, chart from TradingView

Tags: stellarStellar Lumen Price AnalysisStellar LumensXLM
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Olowoporoku Adeniyi

Olowoporoku Adeniyi

Olowoporoku ''Crypto Evangelist'' Adeniyi is a crypto educator, content creator, and analyst who is a news reporter for NewsBTC. Adeniyi has an extensive background in the crypto niche and has covered the blockchain space since 2017. He has held several events in the past and written articles ranging from technical analysis to oped pieces. Adeniyi is a lover of financial freedom and preaches the ideals of crypto to promote remittance payment that can help developing countries close the financial inclusivity gap. Adeniyi's an avid lover of football and a Man City supporter. He also owns tokens spread across different crypto ecosystem. You can follow him on twitter @crypevangelist or find his youtube channel for more analysis

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