Stellar’s XLM price crashes like XRP represents a risky pattern

The price of Star Lumens refused to be a third day in a row as fear of being afraid to be expanded in the criminal market.

Stellar (KLM) Fell to $ 0.2740, his lowest level of 3. February and now 57% below its peak in November.

Crash coincided with most cryptocurria as Bitcoin (Btc) and Etherum (El) They moved to the bear market.

Stellar can be at risk after Ripple (XRP) The price withdrawn and formed A risky sample of head and shoulders, While we wrote on Monday. The H & S pattern is composed of head, two shoulder and neckline. It is one of the larger patterns of graphics in the technical analysis, which means that the price XRP will soon dive.

Stellar and Ripple were highly connected by historically due to their roles in the cryptocurnancy industry and their common origin. Jed McCaleb, Stellar’s founder was one of the original Ripple creators. Both networks focus on payments and have high chances of insuring approval for their traders from securities and exchange commissions. As a result, the decline in RIPPLE cost could be further weakened by the stellar.

Stellar basics suggest that this week further lower the risk. Data from the Santiment show that the total open interest in Stellar fell to 64.5 million, the lowest level from November.

In addition, metric social volume fell to 0.28, down from last year’s high than 0.55, indicating reduced attention to social media. Historically, cryptocurrency prices tend to behave better when the engagement of social media is high.

XLM price analysis

The daily card shows that Stellar formed a series of lower falls and lower high. These price movements created the descending pattern of the channel, confirming the trend of falls.

Stellar also approaches the death cross, which occurs when the 50-day and 200-day average movement of average. In addition, it fell under 61.8% of the fibination retrebation level, a key technical zone in which most withdrawals occur.

Given these factors, there is a risk that Stilllar will continue to decline, with the following reference level to view $ 0.056, an indentation point of 78.6%, which is approximately 28% below the current level.