The state of the crypto market is such that it has fallen by 15% over the past seven days. Stellar [XLM] coin was no different and was the victim of the price crash that hit the cryptocurrency market this week.
Since April, coin has struggled to keep the bears away from itself, resulting in a 52% price drop for the XLM token. In preparation for a more serious bearish move, let’s take a look at the performance over the last week.
Bear on the loose
Just seven days ago, the XLM coin price index was $13. However, at press time, coin exchanged hands at $0.1051, recording a 23% decline. Over the past 24 hours, the price for XLM coin has fallen by 9%. Significantly fewer trades have taken place at the time of writing, with trading volume down 26.72% during this window period.
The market cap has also declined over the past seven days. At $3.37 billion seven days ago, the coin registered a 22% decline, which was recorded at $2.62 billion at press time.
After seeing temporary relief from May 23 to June 10, XLM coin took on another bearish run. The MACD line crossed the trend line on a downward curve on June 11th. This led to a further drop in prices.
The Relative Strength Index (RSI) XLM also fell sharply after June 10th. It quickly marked a place in the 30 index before a temporary correction pushed it higher towards the neutral 50 area. However, after peaking at 40 on June 15, the bears took over again and the RSI was forced lower, fixing a spot at 35.48 on the downward curve.
coinMoney Flow Index (MFI) followed a similar trend. The MFI fell sharply on June 10 and touched a low of 38 before a small pullback pushed it to 45 by June 15. It has since taken on a downtrend and was spotted at 32 at press time.
In the last week, coin has seen a drop in popularity recorded on the social front. A week ago, the social dominance of the XLM token was 1.29% after a steady decline.
0.151% at the time of publication. coin registered an 88% decline in just seven days. Social volume peaked at 211 on June 12. Since then, the token has taken a steady decline and has been locked at 83 at the time of writing.
Moreover, the activity of developers on the network has slowed down over the past seven days. At the time of writing, that figure stands at 89, after rising 0.8%.
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