Polkadot and Stellar struggles in the crypto market

Polkadot slumped amidst pressure
  • Polkadot and Stellar have been under lens from quite some time
  • The prices of the altcoins are falling apart, losing the interest of the traders too
  • The prices of both the coins remained stagnant or below the 25-Day EMA

Both Polkadot and Stellar, the altcoins that once were doing favourably well on the crypto exchange now see the doomsday. Recently the Polkadot observed a massive pressure since the cryptocurrency has become the fourth biggest digital currency in the world. DOT was trading at $15.90, which is below the Friday’s rally of $19.40. It was recorded as the all-time high for Polkadot. 

The currency has dropped by more than 18% in the past four days only. The market cap of Polkadot has fallen to $15.88billion, making it smaller than Bitcoin, Ethereum and Tether. Hence, the currency is being benchmarked as the fourth largest currency in the world. 

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During the same time, Stellar Lumens Price (XLM) too sailed in the same boat as Polkadot after reaching its all-time high of $0.43 earlier this month. The currency has dropped by more than 35% since January 2, 2021. The market cap of XLM is $6.41billion. This makes it the 11th largest cryptocurrency in the world. 

Struggle and volatility galore

Stellar Lumens price has seen a struggle in the past weeks and the prices are now moving relatively fine in the past few days. The currency is volatile currently as measured by the Average True Range (ATR) to the lowest level since January 6, 2021. The prices recorded are at the same level as the 15-day and 25-day exponential moving average (EMA). 

Hence, the prices of stellar will remain stagnant and at the current range. The support and resistance levels at 0.26 and $0.32 can be observed respectively. 

Polkadot slumped amidst pressure

After making a quite impressive run on the crypto exchange, the four-hour chart of Polkadot shows that the coin is struggling of late. It has dropped more than 17% after reaching its all-time high. This weakens the coin a lot more and loses the interest of the traders. The coin showed a slump because of the profit-taking among the bullish traders and pressure from short-sellers.

It has also moved below the 25-day EMA but is little above the 50-day EMA. hence, the prices of the coin will remain slightly slow on the charts before bouncing back in full zoom.  

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Steve Anderrsonhttp://www.thecoinrepublic.com
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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