Stellar’s XLM Token Experiences 6% Decline Amid Heavy Selling
Stellar’s XLM token experienced significant institutional selling from August 17 to August 18, dropping from $0.43 to $0.41, a decline of 6%. Key points include:
- Trading volumes exceeded $30 million, about 7% of daily turnover.
- A major liquidation occurred between 1:00 AM and 3:00 AM on August 18, with over 60 million tokens sold, pushing XLM down to $0.41.
- The asset formed resistance at $0.42 and support near $0.41.
- Despite recovery attempts, XLM struggled to breach resistance, indicating ongoing bearish sentiment.
- On August 18, another 1% drop was recorded between 1:21 PM and 2:20 PM due to heightened institutional selling.
- Final trading hours showed limited buying interest, suggesting potential for further declines if selling pressure continues.
