Stellar's XLM Surges 3.5% to $0.25 Amidst Technical Recovery
Stellar's XLM Experiences Technical Surge
On Tuesday, Stellar's XLM achieved notable gains, climbing 3.5% to $0.2508, surpassing the broader crypto market by over a percentage point. Trading volumes surged 23% above the weekly average, suggesting traders are anticipating a breakout despite a lack of significant fundamental drivers.
The upward momentum brought XLM to a resistance level of $0.2540, marking a crucial technical juncture as intraday volatility approached 5%. Although the price briefly fluctuated, overnight activity saw a remarkable increase of 70.4 million traded tokens, about 94% above the 24-hour norm, solidifying support around $0.2443.
However, momentum shifted as heavy selling orders emerged late in the session, pushing XLM from $0.2477 to $0.2449 with a 2.8 million-token spike at 16:58. This sudden downturn indicated profit-taking and potential downside risks.
With fundamental factors remaining quiet, traders are now focused on whether XLM can overcome the $0.2540 resistance zone or if recent weakness will lead to a retest of support near $0.2420. Elevated volume and changing institutional flows suggest that volatility may persist in the short term.
Key Technical Levels for XLM
- Support/Resistance: Key support is at $0.2422 with resistance at $0.2540; new support test at $0.2449 after late selling.
- Volume Analysis: 23% above weekly average signals buying interest; final-hour institutional flow suggests profit-taking.
- Chart Patterns: Range-bound movement within $0.0124; late-session reversal indicates downside momentum.
- Targets & Risk: Potential decline towards $0.2420 if selling continues; resistance remains at $0.2540.
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