Stellar’s Token XLM faced a bear pressure pronounced at a period of 23 hours between September 29 at 3:00 p.m. and September 30 at 2:00 p.m., falling 4% of $ 0.38 to $ 0.36. The decrease occurred in a narrow range of $ 0.01, underlining the token fight to maintain the impulse. The early resistance to $ 0.38, together with a large negotiation volume of 38.6 million, said a strong institutional sale, while a secondary rejection of the same level, with 18.6 million in volume, reinforced the bassist feeling.
The support arose at $ 0.37 and $ 0.36, and the latter attracted a considerable defensive purchase at the end of the session, since the volumes increased to 31.4 million. While the high volume activity at $ 0.36 suggests accumulation, the broader market structure, defined by lower ups and downs, suggests that the bearish bias remains intact. The violation of the psychological threshold of $ 0.37 further consolidated the case for extended down pressure.
XLM closed the 24 -hour period with a failed recovery attempt of $ 0.37 in its latest negotiation, where volumes increased briefly before being rejected, sealing a accumulated decrease of 4%.
Summary of technical indicators
- Resistance 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 arose at $ 0.37 and $ 0.36 with high volume defense during the final negotiation hours.
- Technical breakdown below $ 0.37 Psychological level confirmed a bearish feeling.
- The critical support breakdown occurred at 13:31 with a high volume of 665,000.
- Zero volume to 14: 07-14: 08 suggests a potential liquidity exhaustion.
- The lower and minimum lower ups and downs pattern indicates a sustained institutional distribution.
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