XLM Plunges 5% as Key Support Levels Collapse

Stellar’s XLM token prolonged its downturn over the previous day, sliding 5% from $0.39 to $0.38 between October 8 at 15:00 and October 9 at 14:00. The selloff got here amid heavy institutional exercise, with volumes reaching 35.51 million — properly above common ranges — confirming sturdy distribution stress.

The breakdown under the important thing $0.38 help degree marked a transparent shift in sentiment as buying and selling intensified inside a slim $0.019 vary. Market construction evaluation confirmed a descending channel sample forming, with repeated rejections close to $0.38 suggesting sustained bearish management.

During the ultimate hour of buying and selling, from 13:13 to 14:12 on October 9, XLM shed one other 1%, with important quantity spikes at 13:52 and 14:01 signaling coordinated institutional promoting. Analysts stated the transfer mirrored continued liquidation throughout skilled buying and selling desks reasonably than short-term retail motion.

Technical Indicators Signal Further Weakness

• Critical help failure at $0.38 accompanied by institutional-grade quantity of 35.51 million exceeding normal buying and selling metrics
• Established downtrend sample with successive decrease highs indicating systematic institutional distribution
• Resistance zone established at $0.39 the place institutional promoting persistently emerged throughout restoration makes an attempt
• Above-average quantity participation throughout value reversals confirming coordinated institutional distribution methods
• Technical chart sample exhibits descending channel formation with decrease highs at key resistance ranges
• Failed restoration makes an attempt close to $0.38 persistently met with institutional provide indicating sturdy overhead resistance
• Volume focus throughout decline phases with 1.34 million at 13:52 and 1.43 million at 14:01 confirming institutional participation
• Technical momentum indicators counsel continued draw back stress towards the $0.38 psychological help threshold

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