Stellar’s
The cryptocurrency spent the session forming lower highs and lower lows within a trading range of $0.0227, as sustained selling pressure dominated market sentiment.
The largest move took place on November 3, when XLM fell below its crucial support level of $0.2800.
The outage triggered a surge in trading activity, with volume increasing 483% above the 24-hour average to 262.9 million tokens. Heavy selling continued into the next session, marking $0.2857 as firm resistance after several failed rally attempts.
By November 4, new short-term support had emerged near $0.2720, although buyers struggled to defend it. The price briefly rebounded to $0.2740 before weakening again due to low momentum and decreasing volume – only 638,000 tokens were traded during the rebound attempt.
With no clear fundamental catalysts in play, XLM stock remains technically motivated. Failure to sustain above $0.2740 signals continued weakness, and traders now view the psychological $0.2700 level as the next potential downside target.
Key technical levels signal bearish continuation for XLM
Support/Resistance Analysis
- Immediate resistance at $0.2857, confirmed by several failed tests showing seller dominance.
- The break of key support at $0.2800 triggered an accelerated sell-off on November 3.
- The current support zone between $0.2720 and $0.2740 is showing signs of weakness.
- The next downside target is at the psychological level of $0.2700.
Volume analysis
- Volume increased 483% above the 24-hour SMA during the outage.
- The peak volume of 262.9 million tokens occurred during the failure of the $0.2800 support.
- The recent rebound attempt showed a decrease in volume (638,000), indicating low buying interest.
Chart templates
- Downtrend established with lower highs and lower lows.
- The failure to rebound from the $0.2722 low confirms the continued bearish momentum.
- The $0.0227 trading range highlights high volatility and persistent selling pressure.
Risk/reward assessment
- The bearish bias remains intact while the price remains below $0.2800.
- Short-term traders are targeting a decline to $0.2700.
- The recovery scenario requires a recovery of the $0.2740 support with volume confirmation.
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial team for accuracy and compliance. our standards. For more information, see CoinDesk Comprehensive AI Policy.
