Stellar (XLM) Drops By 1.76%

The crypto industry is experiencing capitulation, as most top projects that started the week positively

Crypto traders woke up to a sea of red on Wednesday, March 15, as most top projects that started the week positively have begun to shed their gains. Stellar (XLM) is among the few projects that are now trading lower.

Stellar price analysis: XLM erases seven-day gains

Stellar has dropped by 1.76% in 24 hours to $0.2873, according to CoinMarketCap data. The reason for this sudden slump remains unknown, but the coin is flashing signs of erasing its seven-day gains. Stellar is currently trading in the red, despite not being among the worst performers on Wednesday.

At the same time, Stellar’s current outlook has forced it to take on underdog status against XRP. While Stellar has retained just 0.68% of its gains in the trailing seven-day period, XRP is still up 7.27% within the same period.

Some of the coin’s metrics have dropped in line with the price of XLM. The trading volume, for instance, is down by 26.9% to $261,476,049.98, a clear sign of reduced market participation.

The crypto market is also showing signs of fatigue after a recent rally, with most altcoins in the red. Among the top ten cryptocurrencies, only Cardano and Bitcoin are trading in green.

As for Stellar, the coin has witnessed intense volatility in the past few hours. While the 24-hour price saw a drawdown, the past hour before press time saw the coin jump by approximately 1.2%.

In what appears to be a rebound following its flipping by Toncoin over the weekend, the ongoing XLM breakout might signal that more selling off is ahead.

Altcoin market sees slight drawdown

The unexpected drawdown in the price of XLM comes as most altcoins on the market are also seeing slight drawdowns. For instance, Ethereum has dropped by 2.35% in 24 hours to trade below the $2,000 support level.

Solana is also seeing a mild drawdown with a 1.1% loss to $130. As reported by CCもお recommend