Stellar’s native token, XLM, rose from $0.3131 to $0.3210 in the last 24 hours, gaining 2.5% and confirming an upward trend. The rally was supported by a series of higher lows at $0.3106, $0.3118 and $0.3149, reflecting consistent buying momentum across sessions.
As of noon UTC on October 24, trading activity increased sharply, with volume reaching 74.39 million, approximately 350% above the 24-hour average, pushing XLM to a session high of $0.3229. The move confirmed a bullish breakout above the $0.3170 level before encountering resistance at $0.3230. Support held near $0.3150, setting the day’s trading range at $0.0133, or around 4.2% volatility.
Short-term charts show the token softened from its high, falling 0.6% to $0.321 as volume surpassed 2.9 million during key distribution phases. The pullback formed a descending triangle pattern, suggesting short-term profit-taking rather than a change in overall momentum.
With no major fundamental catalysts driving this move, technical signals remain the center of attention. Rising volumes highlight institutional participation, while the pullback from the 38.2% Fibonacci retracement near $0.321 indicates a potential base formation. Maintaining this level could position XLM for further upside if purchasing volume resumes.
Consolidation of signals from key technical levels for XLM
Support/resistance analysis
- Primary resistance confirmed at the $0.3230 level with strong selling pressure.
- Key support established near $0.3150 from previous consolidation phases.
- Immediate support formed at $0.321 from recent basing formation patterns.
Volume analysis
- An exceptional volume spike of 74.39 million provided confirmation of a breakout above $0.3170.
- A distribution volume of over 2.9 million upon withdrawal indicates professional profit taking.
- Volume patterns suggest institutional participation at key price levels.
Chart templates
- Ascending trend structure with higher lows at $0.3106, $0.3118, and $0.3149.
- Descending triangle formation observed on pullback with a sequence of lower highs.
- The alignment of the 38.2% Fibonacci retracement supports the base formation thesis.
Targets and risk management
- The upside target targeted resistance at $0.3230 in case volume expands above $0.3170.
- Downside risk is contained above the $0.3150 support to maintain the trend structure.
- The risk/reward ratio favors continuation given strong volume confirmation and retracement levels.
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial team to ensure accuracy and compliance. our standards. For more information, see CoinDesk Comprehensive AI Policy.
