Upbit Suspends XLM Trading Ahead of Stellar Protocol 23 Upgrade
South Korean exchange Upbit has temporarily suspended trading of Stellar's XLM token ahead of the Protocol 23 upgrade scheduled for September 3. This upgrade aims to improve scalability and transaction speeds, prompting exchanges to take precautionary measures.
Key points include:
- XLM traded between $0.36 and $0.37 prior to the upgrade, with volume spikes at resistance levels.
- Despite attempts to surpass $0.37, selling pressure maintained prices below this threshold, while support held at $0.36.
- Increased volatility was observed in the final hour before suspension, with XLM briefly reaching $0.37.
- Traders are monitoring critical levels: $0.45 resistance, previously unbroken, and $0.30–$0.32 support zone, seen as a potential accumulation area.
- The outcome of the upgrade may determine whether XLM can break its current ceiling or retreat to lower support levels.
Principal Technical Indicators
- Price range: $0.36-$0.37 with 3% aggregate volatility.
- Peak trading activity: 28.91 million at $0.37 resistance.
- Resistance established at $0.37; support around $0.36.
- Multiple failed attempts to maintain values above $0.37.
- Volume surges indicate institutional accumulation patterns.