Stellar (XLM) has come under bearish pressure in the last 24 hours, resulting in a significant loss in value. According to CoinMarketCap data, XLM has reversed its previous gains from the past week.
XLM Plummets Amid Market Volatility
XLM's price plummeted from $0.301 to $0.2661 due to intense volatility. This significant drop threatens to send the coin to its 30-day low of $0.2301 if it fails to find crucial support. Market trends suggested XLM was on a bullish path, but resistance and lack of buy-ups led to the crash.
Where Will XLM Find Support?
XLM's historical bullish performance had boosted investor confidence that momentum might continue. Traders had anticipated that XLM would hold at $0.301, but instead, it fell to $0.2644, a 4.23% decrease over the last 24 hours. Market observers are eager to see where XLM can find support to halt its rapid decline.
Market Indicators and Prospects
Despite the current decline, XLM's November performance outshone XRP. XLM has shown more than 500% growth over the past five months. In November, XLM offered more profit to investors than its rival, XRP. However, the present scenario demands caution from investors, as trading volume dropped by 25.46% over the past 24 hours to $154.48 million.
In the current volatile environment, XLM faces challenges on the road to recovery. Market indicators suggest cautious investor approach, and finding support remains a priority for stabilization.
