Key Information:
- XLM has recently seen significant fluctuations, trading between $0.34 and $0.36 within a single day, highlighting a 5% range drop.
- Bithumb has announced a pause in deposits on September 3, coinciding with vital network upgrades for Stellar. This is happening alongside Ripple’s banking pilots, which are raising overall confidence in blockchain payment systems.
- Stellar is making strides in Africa, working on mobile money integrations in Nigeria, Kenya, and Ghana. Analysts maintain long-term target prices between $0.62 and $0.95, despite short-term declines.
Stellar’s token XLM suffered from intense selling over the last 24 hours, moving within a narrow 5% range. The trading session began with stability but saw a late sell-off which pushed the price from $0.36 down to $0.34. Heavy trading volume surged during the night, exceeding 57 million units, as the market tested support near $0.34 to $0.35. Morning buying pressure briefly restored the price back to $0.36, attributed to institutional buying activities.
Despite this recovery, the price movement stalled at $0.36, creating a range sideways which is generally seen as signaling a potential price breakout. The day of trading on September 1 ended with a resurgence of bearish momentum as the price dropped by 1% with further downward pressure.
Intraday trends demonstrated increasing selling pressure during specific times, indicating a dynamic trading environment. Additionally, developments concerning exchanges and the network’s updates tested the token’s strength, particularly with South Korea’s Bithumb imposing deposit freezes during ongoing upgrades. This context adds to Stellar’s critical transition period.
Volume Spikes Signal Institutional Activity:
- The range observed reflects a trading spread of 5% from $0.34 to $0.36 during the session.
- A midnight sell-off contributed to a 57 million unit volume spike, showing aggressive institutional selling.
- Morning recovery saw the price hit $0.36 on a volume of 70 million units, indicating a phase of accumulation.
- With $0.36 showing resistance, a support zone emerged around $0.34-$0.35.
- Attempts for a recovery in the final trading hour fell short as bearish forces prevailed.
