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.
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Author: CD Analytics
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