Stellar Lumens Daily AnalysisStellar Lumens’ price has been on a steady decline since April 4, 2022, when it has lost over 20 percent of its value. However, in today’s trading session, the cryptocurrency is showing signs of a bullish trend, gaining around a percentage point.
Unsurprisingly, in the last 24 hours, the cryptocurrency has seen its trading volume fall by 28 percent. This has brought the total amount of money used to trade in the last 24 hours to about $338 million. Although the trading volume is still significant, a 28 percent drop can impact a cryptocurrency’s price, causing a fall in price.
The daily chart below shows that Stellar Lumens is in a strong, bearish move. This includes the fact that it has been trading within a descending channel since late last year. The chart also shows the prices recently hit the upper trend line of the channel. The prices are also coming down from the upper trend line resistance level.
Therefore, even though today’s Stellar Lumens price looks poised to gain in the markets, it is still in a strong bearish move. Today’s upward move is likely a market correction. My Stellar Lumens price prediction is a continuation of the long-term bearish move with a possibility of hitting the $0.16 support level.
