Is Stellar Going to Zero? XLM Price Drops 5% as Popular New Bitcoin Project Raises $1.5 Million
Stellar Lumens (XLM) price action is hitting the deck, after a disappointing -8% market reaction to the release of the 'Real World' campaign by the Stellar Organisation in collaboration with Idris Elba.
This comes following weeks of anticipation in the Stellar Lumens community, which has awaited the teased announcement for more than 10 days.
The 'Real World' campaign aims to shine a fresh spotlight on the efforts of project builders across the Stellar ecosystem, including initiatives such as transparency in aid disbursement by the International Rescue Committee.
But despite the strong marketing potential of the new campaign - faced by none other than Idris Elba - market reaction appears to have been a classic 'sell the news' response.
With the significant price drop being tied to disappointment in what has been seen as an underwhelming announcement by some in the Stellar community.
Amid the dramatic downside move, Stellar is currently trading at a market price of $0.12 (representing a 24-hour change of -0.44%).
This comes as price appears to be stabilizing after the sudden -8.86% drop, triggered by yesterday's announcement.
The downside move has seen XLM lose the support under-footing of the 20DMA, which was reclaimed in a major strengthening move ahead of the announcement on September 4.
Back in August, the 20DMA acted to suppress upside price moves for for 33-days, stoking concerns that the recent drop could spell a month of downside movement.
A serious retracement could see XLM return to support at $0.11, which is bolstered by support from an ascendant lower 200DMA around $0.105.
Shifting to reasons to be cheerful, the -8% drop has seen the RSI indicator cool-off rapidly back to an oversold signal at 45 - and while this might
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