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Stellar (XLM) bearish outlook remains as trading volume drops

Over the past 24 hours, XLM has seen some slight consolidation. After 4 straight days of loss, the coin has managed to report a modest 2% surge. But this is still a passing cloud. In fact, the bearish outlook on XLM is stronger especially now we have seen a drop in trade volume. Here are some pointers:

  • XLM has seen a 28% decline over the past week

  • The trading volume over the same period has also declined sharply

  • The coin will likely continue downward for a few weeks despite the minor recovery.

Data Source: TradingView 

Stellar: A bear on the loose?

It’s understandable that XLM is bearish and will remain so for at least another month. The market has not left any room for gains as most major coins continue to sell off. But the trend for XLM is quite alarming. 

The coin actually saw some decent runs in May. In fact, in the run-up to June, we saw a strong relief rally for XLM that took it above several key support zones. But over the past two weeks, slowed momentum has pulled the price action down. Besides, momentum indicators, including the RSI and the Money Flow Index show a bearish reading. 

But more importantly, a sharp decline in trade volume has been observed. This suggests that many investors are taking a break from XLM as they wait for the market to turn. With all these factors, XLM will continue to trend lower and may even hit a new 2022 low in the coming days.

Should you buy the XLM dip?

Well, for now, it’s best to wait. The market is yet to bottom, and even if we see a relief rally, it will be short-lived.

XLM still has another 40 – 50% downside to go. Wait for it to bottom before you jump in for the dip. This may take a few weeks to happen or even sooner.

The post Stellar (XLM) bearish outlook remains as trading volume drops appeared first on CoinJournal.

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These coins are performing relatively well despite the bear market

The overall crypto market is now reporting a major decline. Many analysts see a combination of factors at play including rising Fears of recession, tightening monetary policy, and run-away inflation. The downtrend will also continue for a few more weeks before we see some trend reversal. Here are some of the main bear market facts in crypto.

  • Bitcoin and Ethereum, two of the biggest coins, have all reported over 35% declines in 7 days.

  • Overall market cap in crypto has fallen below $1 trillion.

  • BTC also dropped below $20,000 for the first time since 2020.

So, with all this doom and gloom, it can be hard to find coins that are actually performing. No worries because the ones below are doing quite well:

UNUS SED LEO (LEO)

The LEO token has somewhat defied the odds. The coin has seen major gains over the past weeks in fact, it’s only 40% down from its all-time highs. 

Data Source: TradingView 

Compare this to other coins that are so far 80 – 90% lower from their ATHs. Also, LEO saw a gain of 16% over the past 24 hours. The coin has by far outperformed all major coins and could maintain this trajectory over the next week or so.

Flex (FLEX)

With a market cap of around $360 million, Flex is not one of the largest crypto assets out there. But the coin has done quite well over the last week. The coin is typically used to pay for fees on the Coinflex exchange. As of now, FLEX is around 35% from its ATH. It has also seen a modest 2% gain over the past 24 hours as most coins see red.

KuCoin (KCS)

KCS is another exchange token that has also seen some decent uptrend. Although KCS is around 60% from its all-time high, it has still outperformed the market modestly. Nonetheless, KCS saw a drop of 10% over the last 24 hours or so.

The post These coins are performing relatively well despite the bear market appeared first on CoinJournal.