XLM Experiences 5% Price Drop Amid Heavy Trading Activity
Stellar's token, XLM, faced significant selling pressure recently, trading between $0.34 and $0.36. A selloff dropped the price from $0.36 to $0.34.
Key points include:
- Trading volume exceeded 57 million at midnight as the price approached support at $0.34–$0.35.
- Early morning saw a brief recovery to $0.36 with volumes reaching 70 million, indicating possible institutional accumulation.
- Price action remained stuck around $0.36, suggesting a potential breakout is imminent.
- Increased selling pressure occurred between 13:45 and 13:46, with over 1.28 million tokens traded at the day's low.
- Bithumb announced a suspension of XLM deposits on Sept. 3 for network upgrades, impacting fundamentals.
- Ripple's successful pilot tests have intensified competition in blockchain payment solutions.
