Stellar Lumens [XLM] technical analysis for 23rd November 2018. Stellar Lumens briefly becomes fourth largest cryptocurrency by market cap. We analyze recent price action to see if it is likely to surpass Bitcoin Cash again.
While Bitcoin Cash has been undergoing a prolonged decline after key resources left to the hard forked Bitcoin Cash SV. This has been reflected in the price as it has continued to decline from $630 pre-fork to around $200 today.
Stellar Lumens, currently the fifth-ranked cryptocurrency by market cap, has been mostly outperforming Bitcoin Cash during these drops and briefly outranked it today in terms of market cap. While Bitcoin Cash has reclaimed the spot as the fourth largest cryptocurrency, both Stellar Lumens and EOS have a market cap close to Bitcoin Cash. If Stellar Lumens continues to outperform Bitcoin Cash over the next few days, it will likely overtake in terms of market cap.
Despite extremely bearish movements taking place across the market, Stellar Lumens had been maintaining a series of higher lows until this week. Price action eventually broke the series of higher lows around $0.21 and has since sharply declined to trade around $0.18.
The momentum is currently on the side of sellers in Stellar Lumens. Even if Stellar Lumens continues to drop, as long as it does not drop more than Bitcoin Cash, it will likely surpass in terms of market cap. With Bitcoin Cash currently trading near the $200 level and also having strong seller momentum, it could incur a sharp sell-off if it drops below.
- Stellar Lumens briefly surpasses Bitcoin Cash in terms of total cryptocurrency market cap rankings.
- Stellar Lumens had been forming a series of higher lows up until recently but has now dropped sharply below to trade around $0.18.
- Although seller momentum is strong for Stellar Lumens, if it manages to outperform bitcoin Cash it is likely to surpass again to become the fourth largest cryptocurrency by market cap.