The Stellar XLM token faced a downward pressure pronounced over a period of 11 p.m. between September 29 at 3:00 p.m. and September 30 at 2:00 p.m., lowering $ 4% to $ 0.38. The drop occurred by a narrow range of $ 0.01, highlighting the token fight to support the momentum. Early resistance at $ 0.38, associated with a heavy trading volume of 38.6 million, reported a strong institutional sale, while a secondary rejection at the same level, with 18.6 million volumes, has strengthened the lowered feeling.
The support appeared at $ 0.37 and $ 0.36, the latter attracting considerable defensive purchases at the end of the session while volumes increased to 31.4 million. While the high volume activity at $ 0.36 indicates accumulation, the larger market structure – defined by upper and lower stockings – suggests that the lower bias remains intact. The violation of the psychological threshold of $ 0.37 still ceased the case for prolonged drop pressure.
XLM closed the 24 -hour period with an attempted recovery failed at $ 0.37 in its last hour of negotiation, where volumes have briefly increased before being rejected, sealing a cumulative drop of 4%.
Summary of technical indicators
- The resistance was established at $ 0.38 with a high volume of 38.6 million indicating institutional sales pressure.
- The secondary resistance zone around $ 0.38 coincided with a substantial volume activity of 18.6 million.
- Support levels emerged at $ 0.37 and $ 0.36 with high volume defense during final negotiation hours.
- Technical ventilation less than $ 0.37 at the psychological level confirmed the lowering feeling.
- The breakdown of critical support occurred at 13:31 with a high volume of 665,000.
- The zero volume at 14: 07-14: 08 suggests a potential liquidity exhaustion.
- The lower high and lower stocking scheme indicates a sustained institutional distribution.
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