XLM Surges 7% Before Swift Reversal as Bulls Face Profit-Taking
XLM experienced a volatile session, moving from $0.36 to $0.39, then retracing to $0.37. The 7% increase was accompanied by volumes of 56.77 million, nearly double the average.
- Significant breakout at 08:00 UTC on Oct. 1, with price climbing from $0.37 to $0.38.
- Volume exceeded 55 million during the 09:00 and 11:00 sessions, indicating strong demand.
- Resistance turned support around $0.38 as higher lows indicated bullish momentum.
- XLM fell back to $0.37 due to profit-taking, disrupting the uptrend.
The session underscores ongoing market volatility, with XLM failing to sustain gains above the $0.40 level. Traders will monitor if $0.37 holds as support or if further declines occur.
Technical Indicators Show Mixed Signals
- Breakout volume reached 56.77 million, far exceeding the average of 29.36 million.
- Support established at $0.37 during the surge phase.
- Institutional accumulation confirmed around $0.38.
- Higher lows trend reversed in the final hour.
- Decline phases saw surging volumes over 1.3 million.
- Zero volume at 14:09 hints at potential consolidation.