was one of the best-performing top cryptocurrencies by marketcap in the last two months. It achieved an impressive 157% upside from its lowest price point to its highest during the last eight weeks. However, its latest performance indicated that XLM bulls suffered from exhaustion.
XLM exchanged hands at $0.145 at press time, which represented a 25% dip from its recent high. Its peak last week was lower than its previous peak on 13 July. This confirmed theXLM’s Money Flow Index indicator confirmed that the cryptocurrency has been experiencing outflows. But does this guarantee that more downside is coming?
Well, XLM’s volume has been dwindling for the last few days, after peaking on 23 July. We also saw a substantial dip in the weighted sentiment as the market shifted to bearish sentiment.It is worth noting that the prevailing volumes were still notably higher than they were at the lowest monthly level. The weighted sentiment also registered a bit of an uptick which suggests that there was still some bullish optimism in the market.
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