XLM has lost 4% of its value in the past 24 hours, despite the Stellar Organization announcing major adoption news a few hours ago.
XLM, the original coin of the Stellar blockchain, has lost more than 4% of its value in the past 24 hours. It is underperforming in tandem with the broader cryptocurrency market.
The poor performance comes despite the Stellar Organization to announce that MO-Z.com Trust Company, Inc. GYEN, the first regulated Japanese yen (JPY) stablecoin, and ZUSD, a US dollar stablecoin, will launch on the Stellar network.
The Stellar Organization believes the launch of the stablecoins will enable users to transact seamlessly and cost-effectively, leveraging GYEN and ZUSD for near-instant, borderless transactions.
XLM’s poor performance comes as the broader crypto market continues its disappointing performance this week. The total cryptocurrency market cap now stands at $836 billion, down 5% in the past 24 hours.
The cryptocurrency market has lost nearly $200 billion since the beginning of the week. Bitcoin is trading above $16k per coin after losing 6% of its value so far today. Ether is also down 2% today, trading around $1,100 per coin.
Main levels to watch
The XLM/USD 4 hour chart is bearish as Stellar Lumen has underperformed since the start of the week. The technical indicators show that XLM is performing at the same level as the broader crypto market.
XLM/USD Chart by TradingView
The MACD line is deep in the negative zone, indicating a bearish trend for Stellar Lumens. The 14-day relative strength index of 35 shows that XLM could enter oversold territory if the bearish trend continues.
At the time of writing, XLM is trading at $0.0907 per coin. If the market sell-off continues, XLM could fall below the $0.0814 support level before the end of the day. In the event of extended selling pressure, XLM could trade below the $0.0730 support level for the first time in a year.
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