u.today
The major market sell-off catalyst is at play again as the ongoing global trade concerns appear to be escalating, impacting risk assets like Stellar ($XLM). According to data from CoinMarketCap, Stellar's price changed hands for $0.2153, down by 8.55% in the past 24 hours. The rapid decline has further placed doubt on what is next for $XLM.
Stellar and key levels to watch
Since the start of the week, Stellar has shown signs of a price breakout. Earlier reports show the coin displayed the first major bearish sign as $XLM sell-off pressure mounts.
With the asset shedding over 8.55%, it has expanded its losses on longer time frames. While the trailing seven-day sell-off is at 19.7%, the 30-day drawdown has extended beyond 20%. Ultimately, $XLM's negative trend shows the coin is down by 46% year-to-date, invalidating the temporary breakouts it has recorded thus far.
With the current outlook, $XLM bulls will likely stage major support at the $0.21 level. If it plunges below this level, the sell-off might see it touch its 30-day low of $0.2018.
However, should Stellar bounce off the $0.21 support, a more ambitious price rally is expected, with new resistance around $0.25.
$XRP gains better sentiment
Unlike Stellar, which has a bearish outlook, $XRP has more promising sentiment from the community. In an earlier U.Today report, the coin secured a prediction from $XRP holders’ lawyer John Deaton.
According to Deaton, $XRP has what it takes to displace Ethereum before the end of the year. While there is a wide disparity between both assets, the legal expert is confident that investors and its dedicated community can adopt the coin and make a difference.
Unlike $XLM, it risks falling behind in the rankings to Shiba Inu, a switch that may fuel additional negative turns.