Stellar Price Below the 200-Day Line: What Counts After 29% Down in 30 Days

The information provided in this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry a high degree of risk. Always conduct your own research.Stellar lost 8.5% in 24 hours and 29% in 30 days as the Nasdaq rout hit crypto. The levels that count now, what could turn the picture and how to hedge.Symbol image, created with AIAdd as a preferred source on GoogleFollow on Google NewsStellar traded at $0.153 at 18:23 UTC, down 8.5% in 24 hours, 11.4% in seven days and 29% in 30 days (CoinGecko). Bitcoin lost 5.6% over the same 24 hours. The trigger came from outside: a Nasdaq chip rout that hit every large coin. The full background is in our piece on the Bitcoin crash. Here is what it means for XLM: which levels count, what could change the picture and how to hedge. Why Is Stellar Down? It Follows Bitcoin We found no Stellar-specific trigger for Thursday's drop. The daily returns of XLM and Bitcoin over the past 30 days have a correlation of 0.84 by our calculation from Binance data, so XLM mostly follows the market. Liquidations of leveraged longs across crypto added pressure. For the project itself, recent news includes the...