Stellar (XLM) Drifts Below $0.10 as Support Gives Way
Despite a series of positive developments, including the launch of the Grayscale Stellar Lumens Trust, Stellar bulls have struggled to remain in control as the price has fallen more than 24% in January alone.
After finding some support in the $0.095 to $0.10 range on December 15, XLM managed to recover to $0.1375 before steadily falling over the past month to $0.086923, where it’s currently trading. Now, barring any bullish news or event, it looks like XLM could test the November 2017 breakout level of $0.04. This would be a more than 50% drop from current levels.
Interestingly, this price action comes after Stellar’s co-founder and CTO Jed McCaleb came out swinging in an interview with Yahoo Finance at the end of December. In the interview, McCaleb called into the question the actual utility of Bitcoin (BTC) and other major digital currencies, including TRON (TRX).
“Things like TRON, it’s just garbage. But people dump tons of money into it, these things that just do not technically work,” McCaleb told Yahoo Finance, adding that Stellar is the ideal platform for cross-border payments and tokenizing value of any type.
TRON CEO Justin Sun didn’t hold back in his response, saying, “We don’t think Stellar is our competitor at all since they have extremely low transaction volume, [a] centralized and non-democratic system, and 0 dapps.”
As we previously reported, TRON’s price has risen over 42% from $0.019 to $0.027 since the start of the year, significantly outperforming Stellar and most other major cryptocurrencies.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.