Stellar’s XLM token faced pronounced bearish pressure over a 23-hour span between September 29 at 15:00 and September 30 at 14:00, falling 4% from $0.38 to $0.36. The decline came within a narrow $0.01 range, underscoring the token’s struggle to sustain momentum. Early resistance at $0.38, coupled with heavy trading volume of 38.6 million, signaled strong institutional selling, while a secondary rejection at the same level, with 18.6 million in volume, reinforced the bearish sentiment.

Support emerged at $0.37 and $0.36, with the latter drawing considerable defensive buying late in the session as volumes spiked to 31.4 million. While the high-volume activity at $0.36 hints at accumulation, the broader market structure—defined by lower highs and lows—suggests the bearish bias remains intact. Breaching the psychological $0.37 threshold further cemented the case for extended downside pressure.

XLM closed the 24-hour period with a failed recovery attempt at $0.37 in its final hour of trading, where volumes briefly surged before being rejected, sealing a 4% cumulative decline.

Technical Indicators Summary

• Resistance established at $0.38 with elevated volume of 38.6 million indicating institutional selling pressure.
• Secondary resistance zone around $0.38 coincided with substantial volume activity of 18.6 million.
• Support levels emerged at $0.37 and $0.36 with high-volume defence during final trading hours.
• Technical breakdown below $0.37 psychological level confirmed bearish sentiment.
• Critical support breakdown occurred at 13:31 with elevated volume of 665,000.
• Zero volume at 14:07-14:08 suggests potential liquidity exhaustion.
• Pattern of lower highs and lower lows indicates sustained institutional distribution.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。