Stellar’s XLM token has slipped 1.75% in the past 24 hours, from $ 0.41 to $ 0.40 as volatility resumed on the market. The negotiation range widened to 4.32% during the period, with a net sale at 03:00 UTC on August 19, which brought volumes to 52.17 million – more than double the daily average. The displacement cemented resistance to $ 0.41 while leaving a narrow support strip in a range from $ 0.403 to $ 0.405.
The pressure intensified in closing the session, XLM going from $ 0.407 to $ 0.403 between 13:25 and 14:24 UTC. The sale was the heaviest in the window of 13: 30–13: 46, when the token went from $ 0.410 to $ 0.404 on unusual volumes raised per minute. This action has strengthened new resistance to $ 0.410 while weakening support at $ 0.403 to $ 0.405.
The latest slowdown occurs while wider crypto markets are consolidated, Bitcoin oscillating nearly $ 115,000 and most of the red altcoins. While the institutional interest in Stellar continues to grow – underlined by the investment of the Foundation in the exchange of archax digital securities – The market market has overshadowed these developments.
The non-compliance with XLM at $ 0.41 makes it vulnerable to deeper losses if the level of $ 0.403 gives way. A ventilation below this area would open the door to additional decreases, especially since the volumes would diminish at the end of the session, referring to the suppression of the buyer. For the moment, traders will look at if the token can defend its critical support or risk a lower movement online with a wider weakness of the Altcoin.
Technical indicators
- The volume increases to 52.17 million in major decline, exceeding the average of 24 hours of 25.43 million of 105%.
- The resistance solidified at $ 0.41 after several rejection attempts.
- The support area materializes between $ 0.403 and $ 0.405 in repeated purchase waves.
- Secondary resistance confirmed at $ 0.418 to $ 0.420 after several price failures.
- The recent volume drops below the average, indicating a potential downward continuation.
- The support level of $ 0.403 requires immediate monitoring of the failure or reversal models.
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