XLM Declines 3% Amid Increased Selling Pressure and Market Volatility
XLM has entered a bearish phase, trading between $0.39 and $0.40, breaking below key support levels. Price volatility increased as it fell from $0.40 to $0.39 on August 20, indicating ongoing pressure despite attempts to stabilize around $0.40.
Key trading data includes:
- Turnover reached 45.04 million during the 13:00 session, exceeding the 24-hour average.
- Heightened institutional selling contributed to downward momentum.
- XLM failed to maintain resistance levels, signaling a likely continuation of bearish conditions.
Despite positive developments from the Stellar Development Foundation's investment in Archax, broader market pressures persist, with bitcoin at approximately $113,500 and altcoins facing corrective trends, increasing downside risk for XLM.
Technical Indicators
- Price fell below the established $0.39 support level.
- Volume peaked at 4.92 million during sharp declines.
- No significant support was formed above the $0.39 level.
- A pattern of lower peaks indicates ongoing downward momentum.
- Zero volume at 14:20 may suggest capitulation among traders.
