After a very daunting weekend, the cryptocurrency market is still in the red shedding as much as 15% overnight for some coins.
Bitcoin even managed to dip below $10,000 on Monday and is still struggling to maintain its position above the psychological $10,000 level.
As for Stellar, it’s been down 5% for 24 hours and more than 20% for the whole month, even though it had a relatively hopeful uptick on the 12th of July.
XLM chart by Trading View
As it stands right now, the bears are definitely in the driver’s seat while bulls are desperate to reach the $0.0980 price point in the hopes of finally going above the $0.1 resistance.
However, that may not be the case until we see the emergence of an altcoin season, and since Bitcoin is still poised to dip below $8,000 before the end of the month the altcoin season may not be coming any time soon.
Unless of course we finally see the BTC correction above $20,000 once it depreciates below $8,000.
Then we could start seeing a very strong emergence of an altcoin season, one which could even trump the 2017 crypto rush.
However, in the current market conditions, XLM is still one of the major losers and is poised to remain so, unless something unimaginable happens and rekindles the bullish push which is the BTC correction above $20,000 all of a sudden.