XLM Falls 1.75% as Trading Volume Surges to 52.17 Million
Stellar's XLM token declined by 1.75% in the last 24 hours, dropping from $0.41 to $0.40 amid increased market volatility. Key points include:
- The trading range expanded by 4.32%, with a selloff at 03:00 UTC leading to volumes of 52.17 million, more than double the daily average.
- Resistance is now established at $0.41, with a support range between $0.403 and $0.405.
- XLM fell from $0.407 to $0.403 between 13:25 and 14:24 UTC, with heightened selling activity noted from 13:30 to 13:46 UTC.
- The broader crypto market is consolidating, with bitcoin around $115,000 and most altcoins declining.
- Institutional interest in Stellar persists, highlighted by an investment in digital securities exchange Archax, though market challenges remain significant.
- Failure to maintain above $0.41 may lead to further losses if the $0.403 support breaks.
Technical Indicators
- Volume surged to 52.17 million during the decline, surpassing the 24-hour average by 105%.
- Resistance at $0.41 has been reinforced after several rejections.
- Support zone identified between $0.403-$0.405 following buying attempts.
- Secondary resistance confirmed at $0.418-$0.420 due to previous price failures.
- Recent volume trends below average suggest potential bearish continuation.
- Monitoring of $0.403 support level is crucial for signs of breakdown or reversal.
