XLM Token Faces 6% Decline Amid Heavy Selling Activity
Stellar’s XLM token saw a significant drop of 6% within 24 hours due to intense institutional selling pressure, causing trading prices to struggle around the $0.41 mark after briefly hitting $0.43.
Key Highlights:
- XLM price fell from $0.43 to $0.41, with trading volumes exceeding $30 million.
- Over 60 million tokens were liquidated on August 18, establishing resistance at $0.42 while support remains at $0.41.
- A 1% decline capped prices as selling pressure increased, indicating weak buying interest.
The sharp decline occurred primarily during two key periods: from August 17 at 3 PM to 18 at 2 PM, and especially during a liquidation event between 1 AM and 3 AM on August 18, when institutional sellers unloaded a substantial number of tokens. This selling spree resulted in a significant price drop and reinforced resistance at $0.42.
Despite multiple recovery attempts, XLM consistently failed to surpass this resistance level, showcasing ongoing bearish sentiment among institutional players. The trading hour ending at 2:20 PM highlighted further declines as selling pressure persisted, leaving prices stagnant around $0.41 with little buying activity.
XLM/USD Chart
XLM/USD (TradingView)
The market sentiment suggests that if selling momentum resumes, additional downtrends could be anticipated. Stay informed with the latest market updates.
