Stellar’s XLM Slips 4% as Institutional Selling Weighs on Market

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.

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