XLM Token Climbs to $0.37 Before Final-Hour Price Drop
Stellar’s XLM token showed resilience, rising from $0.36 to a peak of $0.37 before closing back at $0.36. Key points include:
- The intraday price range was 5%, with heavy trading indicating increased market participation.
- Support was established at $0.35 on September 4, with buying volume over 16.9 million tokens.
- Trading volumes peaked at 28.03 million at 07:00 and 82.75 million by midday on September 5, leading to the peak price.
- A late-session sell-off reversed gains, bringing the price back to $0.36.
- XLM closed 1% above its opening value, maintaining a bullish technical structure.
- Over the past year, Stellar has gained 288%, attracting institutional interest due to Protocol 23 upgrades.
- Competition from PayFi platforms poses challenges for Stellar's market position.
Technical Indicators Show Mixed Signals
- Support confirmed at $0.35 with significant volume on September 4 at 20:00.
- Major breakout occurred during the 07:00 and 12:00 intervals on September 5 with high volume.
- Resistance at $0.36 allowed XLM to reach $0.37.
- Final-hour reversal led to intense selling with high volume participation.
- Overall bullish framework remains intact despite the late pullback.