XLM posted a volatile trading session over the past 24 hours, surging from $0.36 to $0.39 before giving back gains in a sharp intraday reversal. The move represented a 7% advance as volumes spiked to 56.77 million—nearly double the 24-hour average—suggesting heightened institutional activity.

The most notable breakout occurred at 08:00 UTC on Oct. 1, when price accelerated from $0.37 to $0.38 on exceptional buying pressure, establishing firm support at the $0.37 level.

Momentum carried through subsequent hours, with trading volumes exceeding 55 million during the 09:00 and 11:00 sessions. This consistent demand confirmed a shift in market structure, turning resistance near $0.38 into support while producing a string of higher lows that reinforced the bullish trend. Analysts often view this pattern as evidence of accumulation by larger players positioning ahead of key resistance levels.

That momentum, however, proved fleeting. During the final hour of the session, XLM retraced from $0.39 to $0.37 as profit-taking set in. The sharp selloff at 13:41 UTC, which drove prices down by two cents in under 30 minutes, erased much of the earlier gains and created a lower low that disrupted the prevailing uptrend. Institutional traders appeared to lock in profits following the rapid run-up, underscoring the fragility of recent bullish momentum.

The whipsaw session highlights the broader uncertainty weighing on cryptocurrency markets. While XLM briefly challenged the $0.40 psychological resistance, its swift rejection underscores ongoing volatility across digital assets amid macroeconomic headwinds. Traders will now be watching whether $0.37 can hold as a durable support zone—or if the breakdown signals further weakness ahead.

Technical Indicators Show Mixed Signals

• Price breakout occurred at 1 October 08:00 with exceptional volume of 56.77 million, considerably exceeding the 24-hour average of 29.36 million.
• Robust volume support established at the $0.37 level during the initial surge phase.
• Resistance-turned-support dynamics validated around $0.38 level with sustained institutional accumulation.
• Higher lows pattern maintained throughout the upward trajectory before final hour reversal.
• Volume surged dramatically during decline phases at 13:18, 13:44, and 13:49 with readings exceeding 1.3 million.
• Zero volume recorded at 14:09 suggesting complete market exhaustion and potential consolidation ahead.

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.

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