With holders keen on booking profits, XLM failed to react after the Stellar Development Foundation (SDF) announced that it had invested in MoneyGram International.
This led it to rank as one of the best-performing top cryptocurrencies in June and July, per data fromThe price began its descent as buyers’ exhaustion beset the XLM market shortly after. Trading at $0.12 at press time, the alt’s value has since fallen by 20%.
Although SDF’s investment in MoneyGram represented a significant milestone toward achieving the network’s objective, XLM’s daily traders remain unmoved by the news. An assessment of price movements on a 12-hour chart revealed significant selling pressure. A look at XLM’s Directional Movement Index showed that sellers controlled the intraday trading session.
At press time, the positive directional movement index , which tracks the strength of an asset’s uptrend, rested below the negative directional movement index , which measures the strength of the downtrend. This signaled that XLM that sellers had forced buyers out of market control. Moreso, key momentum indicators rested at oversold positions as of this writing. For example, XLM’s Relative Strength Index was far from its 50-neutral line at 30.23. Likewise, the alt’s Money Flow Index was 24.25 at press time. These suggested increased XLM sell-offs in the last 24 hours.
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