Stellar’s XLM Drops 4% Amid Heavy Institutional Selling
Stellar's XLM token experienced a 4% decline over 23 hours, from $0.38 to $0.36, between September 29 and 30. The decrease occurred within a tight $0.01 range.
- Initial resistance at $0.38 involved significant trading volume of 38.6 million, indicating strong institutional selling pressure.
- A secondary rejection at $0.38 with 18.6 million in volume reinforced the bearish trend.
- Support was found at $0.37 and $0.36, with defensive buying noted as volumes rose to 31.4 million.
- The market structure shows lower highs and lows, maintaining a bearish outlook.
- The breach below the $0.37 psychological level confirmed continued downside pressure.
XLM closed with a failed recovery attempt at $0.37, resulting in a cumulative 4% drop.
