Stellar (XLM) Drops 2.72% Amid Ongoing Bearish Pressure
Stellar (XLM) has experienced a decline in price, dropping 2.72% from $0.368 to $0.358 over the past 24 hours. The trading range was tight at $0.012, indicating 3.26% intraday volatility.
Key points include:
- Sellers rejected attempts to rise above the $0.362 resistance level.
- The support area around $0.357–$0.358 showed signs of fragility.
- Stellar's Protocol 23 upgrade on Sept. 3 did not provide needed bullish momentum.
- A liquidation wave of approximately $192,000 occurred on Sept. 2 as XLM fell from $0.40–$0.45, reflecting trader vulnerability.
- The token is approaching a critical demand zone between $0.32 and $0.30 after repeated rejections at $0.45.
- Technical indicators suggest continued bearish momentum unless market sentiment improves.
Volume data indicates a significant decline, with trading volume decreasing from a peak of 28.5 million to 16.7 million shares.