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The Stellar Lumens price has slowed down only a few days after reaching an all-time peak. The XLM is currently trading at $0.5138, which is 25% less than its all-time high of $0.6887. Its market cap has also fallen to more than $11.7 billion, making it the world’s 14th largest digital currency.
What happened: Stellar, like all cryptocurrencies, surged last week ahead of Coinbase’s direct listing, which saw the firm begin trading on the Nasdaq. The currency’s value reached an all-time high of $0.6887 as a result of the surge. This run, though, was short-lived, as Stellar fell rapidly into the weekend. This occurred when other currencies, such as Bitcoin and Ethereum, drop.
Stellar is now trying to recover. It has risen by more than 5% in the last 24 hours but remains 32% off its all-time peak.
So what exactly is Stellar? To begin, Stellar is a blockchain project that was created in 2014. Its network enables developers to create other properties such as digital currencies. AnchorUSD, IBM World Wire, and BlockEQ are some of the most well-known blockchain-based ventures. Lumens, on the other hand, is the Stellar blockchain’s native coin. It works in the same way as Ether does with the Ethereum network.
Stellar Lumens price forecast
A glance at the daily chart reveals that the Stellar market momentum has recently waned. In the last few weeks, the price has established three ascending peaks. It is still still above the Ichimoku cloud.
The Stellar price, in particular, appears to be forming the pink growing wedge pattern. Currently, it is just above the lower line of this wedge shape. This is cause for concern because a growing wedge pattern is often suggestive of a bearish reversal.
The wedge is only a few days away from colliding with its confluence zone. As a consequence, the XLM, in my judgement, is on the brink of a sharper bearish breakout. If this happens, the next thing to look out for is the $0.25 assistance.