XLM traded lower during the session on Tuesday, falling from $0.3137 to $0.3123 during the 24 hours ending October 23 at 14:00 UTC. The token moved within a tight range of $0.0132 (4.2%), reflecting volatile but range-bound behavior.
A sharp volume increase of 62.1 million (180% above average) at 21:00 on October 22 triggered a sell-off from $0.3081 to critical support at $0.3027, setting the lower limit of the current trading range.
Despite recovering briefly, Stellar faced persistent technical resistance. Prices bounced towards $0.3160, consolidating above $0.3120 before a double top pattern formed at $0.3147, indicating exhaustion.
Renewed selling pressure occurred in the last hour, with a break below $0.3131 confirming range-bound momentum and near-term weakness.
Crucially, market sentiment was influenced by reports of collaboration between Ripple and Stellar, emphasizing humanitarian and payments use cases. Analysts including ProfRippl noted their shared involvement with the International Rescue Committee, with Ripple focusing on donation services and Stellar on cash distribution through its Aid Assist program.
XLM Technical Description
- Support and resistance
- Strong support in $0.3027confirmed by high volume test.
- Endurance in $0.3147 (double top formation) with a secondary barrier in $0.3160.
- Volume analysis
- 62.1 million A volume spike is established (≈180% above SMA) key support near $0.3027.
- 619.7K increase in the last marked trading hour break below $0.3131.
- Chart Patterns
- Double roof investment completed at $0.3147.
- The price remains the same within the range between $0.3027 (support) and $0.3160 (resistance).
- Goals and risk/reward
- Break below $0.3027 could extend losses towards lower range limits.
- Claim for $0.3147 necessary to test $0.3160 resistance and open upside potential.
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