Market Overview
Stellar (XLM) saw slight declines during a volatile 24-hour session ending November 7 at 2:00 p.m. Prices fell from $0.2705 to $0.2702 while trading in a tight range of $0.0109.
The critical development of the session appeared at 12:00 UTC when 45 million tokens changed hands. This volume increase exceeded the 24-hour moving average of 25.4 million tokens by 78%. The spike confirmed resistance near $0.2777 while establishing strong support at $0.2663. These levels now govern institutional commercial activity.
Without clear fundamental catalysts, technical levels dominated, with institutional flows dictating price action. Morning distribution patterns gave way to afternoon accumulation signals. The large volume rejection at $0.2777 marked the turning point of the session.
Concentration in volume reveals institutional positioning strategies. Buyers accumulated 2.5 million tokens during the period from 1:20 p.m. to 1:22 p.m. Another spike of 1.5 million tokens occurred during the rally from 2:07 p.m. to 2:09 p.m. This coordinated buying reversed previous bearish momentum and established new technical parameters for short-term trading.
Key Technical Levels Signal Continuation Potential for XLM
Support/Resistance:
– Primary resistance established at $0.2777 (24-hour high)
– Intermediate resistance levels at $0.2690, $0.2700 and $0.2705 successfully cleared
– Strong support confirmed at $0.2663 during rising volumes
– Wider range target identified between $0.2720 and $0.2730
Volume analysis:
– Peak institutional activity at 45.09 million tokens (78% above 25.4 million SMA)
– Accumulation signals in the window 1:20 p.m. – 1:22 p.m. (2.5 million tokens)
– Confirmation of breakout during the peak from 2:07 p.m. to 2:09 p.m. (1.5 million tokens)
Chart templates:
– Consolidation limited to a range with a total volatility of $0.0109
– Institutional distribution model followed by a reversal of accumulation
– The gradual disappearance of the resistance level suggests a continuation dynamic
Targets and risk/reward:
– Immediate target zone: range from $0.2720 to $0.2730
– Main objective: Test of the 24-hour high near $0.2777
– Key support held at $0.2663 for risk management
– Progression through resistance levels indicates potential for prolonged advancement
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial team for accuracy and compliance with our standards. For more information, see CoinDesk’s full AI policy.
