Stellar’s XLM Trades Within $0.017 Range Amid Increased Institutional Activity
Stellar's native token, XLM, traded within a narrow range over the past 24 hours, reflecting broader market pressures. Key points include:
- The price fluctuated between $0.40 and $0.38, a 4% movement.
- XLM tested resistance at $0.40 on Aug. 26 before retracing to $0.39 due to selling pressure.
- Trading volume exceeded 45 million tokens, indicating significant institutional activity.
- Daily turnover surged 115% to $402.21 million as XLM approached $0.40, linked to anticipated cryptocurrency exchange-traded fund approvals.
- On Aug. 27, XLM increased from $0.38 to $0.39 in under an hour, with peak volumes of 1.42 million tokens per minute.
- Resistance established at $0.39 and support around $0.38, suggesting ongoing institutional interest despite profit-taking.
Market Analysis Indicates Mixed Sentiment
- Trading parameters showed a $0.017 range, a 4% spread.
- Initial appreciation from $0.39 to $0.40 supported by high trading volume.
- Strong resistance at $0.40 led to selling pressure.
- Price declined to closing levels of $0.39.
- Morning trading featured volumes above average.
- Price movement peaked during a concentrated 60-minute period.
- New resistance at $0.39 and support around $0.38 identified.
- Consolidation phase indicates potential continued institutional interest.