Stellar’s free fall in the crypto market rankings continued on Sunday, as XLM approached “basically worthless” levels following multiple technical breakdowns. Although Stellar’s performance has mostly followed its large-cap peers, the market for financial platforms appears to be crowded with XRP driving much of the demand.
Lumens was back on the defensive Sunday, falling 4.7% to $0.0968. That was the lowest since Dec. 15. Trading volumes were a hefty $127.5 million, not unlike the past seven days. Binance was the single largest market, accounting for roughly 13% of the daily transaction volumes.
In terms of technical levels, XLM’s next target is $0.0653. Below that, the bears could force a test of $0.0015, or “basically worthless” levels, according to crypto analyst Peter Brandt.
— Peter Brandt (@PeterLBrandt) January 21, 2019
Lumens has been in a sustained bear trap stretching all the way back to May 2018. The cryptocurrency has printed a series of lower highs over that stretch, including the so-called ‘FOMO bull trap of November. Since Nov. 19, XLM has declined a whopping 57%.
In late November, Stellar was the fifth largest cryptocurrency by market cap with a total value of more than $3 billion. It has since fallen to ninth, where it was worth less than $1.9 billion.
As of Sunday, the top-ten ranking looked like this: