XLM Price Drops to $0.380 Amid Major Trading Volume Surge
Stellar's native token, XLM, experienced significant volatility over the past 24 hours, dropping from a high of $0.398 to a low of $0.380. Key points include:
- XLM faced a 5% price swing amid heavy selling, particularly noted on August 25 at 19:00 UTC when the price fell from $0.393 to $0.387 with 46.16 million tokens traded.
- The selloff peaked as XLM tested the $0.380 support level, recording an unprecedented trading volume of 95.27 million tokens.
- Despite the selloff, XLM rebounded to $0.389, indicating strong buyer demand at the $0.380 floor.
- A U.S.-based crypto ETF filing could enhance market interest in Stellar and attract institutional capital.
- Technical patterns show XLM is consolidating near a resistance level around $0.50, with traders monitoring for potential upward movement.
- On August 26, XLM traded between $0.387 and $0.392, with a modest gain of 0.18%, driven by high-volume buying but limited by profit-taking.
- Trading volumes surged 115% to $402 million, highlighting a conflict between selling pressure and potential whale accumulation.
Technical Indicators Analysis
- Price range: $0.398 to $0.380 representing a 5% volatility span.
- Volume at $0.380 reached 95.27 million units, 115% above average.
- Resistance identified at $0.393 with supporting volume of 46.16 million units.
- Support confirmed at $0.380 backed by substantial volume.
- Recovery observed to $0.389 after testing support with lower volumes.
- Intraday volatility indicates ongoing market activity and potential institutional involvement.