Stellar’s XLM Encounters Major Pressure, Dipping Below Key Support Level
In the last 24 hours, Stellar’s XLM has faced intense selling pressure, experiencing a decline from $0.398 to $0.380. This downward movement, representing a 5% drop, was exacerbated by substantial institutional liquidations, indicating a critical breakdown at the $0.380 support level, now seen as a defining threshold.
Key Highlights:
- XLM traded at a high of $0.398 before retracing to $0.380, with a subsequent recovery bringing it back to $0.389.
- The sell-off solidified the $0.393 level as a resistance point, showcasing 46.16 million tokens in trading activity.
- Institutional ETF filings and overall market sentiments are influencing trades, with many examining for a potential resurgence if XLM breaks through the $0.50 barrier.
Pricing data indicated that on August 25, a pronounced capitulation occurred, with 95.27 million tokens exchanged at the critical support level. Even amidst this volatility, the demand persisted, enabling modest recuperation back to $0.389 by the trading day’s conclusion.
As XLM continues navigating these tensions, the broader climate of ETF-related developments and pivotal resistance levels are key themes to watch. Traders remain vigilant, hoping for a resurgence in momentum as XLM seeks to reclaim its previous status above the $0.50 mark.
