“Stellar’s Xlm Droped 6% in Under 24 Hours As Institutional Selling Overwhelmed the Market, with Heavy Liquidations Setting Resistance at $ 0.42 and Leaving Prices Stagnant Near $ 0.41.”, – WRITE: www.coindesk.com
Trading Volumes Durying the 24-Hour Period Tople $ 30 Million, Representing Roughly 7% of Daily Turnover.
The MOST NOTEBLE LIQUIDATION EVENT OCCURRED BETWEEN 1:00 AM AND 3:00 AM ON AUGUST 18, WHEN INSTITATIONAL SELERS OFFLADED MORE THAN 60 MILLION TKENS. This Selloff Forced Xlm Down from $ 0.42 to $ 0.41, Creating Strong Resistance at the $ 0.42 Level and Defining New Support Near $ 0.41.
Despite Attempts at Recovery, The Asset Consistentally Failed to Breach The Resistance Zone, Signaling Persent Institutional Bearishness and Leaving XLM Vulneval to Further Downside.
The Final Trading Hour on August 18 Added Fresh Pressure, As Xlm Registered A 1% Drop Between 1:21 pm and 2:20 pm. Institutional Selling Accelerated Between 1:31 PM and 1:42 PM, with Corporate Liquidations Pushing Prices from $ 0.41 to $ 0.41 on Volumes Exceeding 2.7 Million Units.
This Flurry of Activity ConfirMed Resistance at $ 0.41 and Set A short-Term Support Floor at the Same Level. Multiple Recovery attempts Throughout the Hour Were Met with Renewed Selling Pressure, Culminating in a Stagnant Close AUND $ 0.41 with Minimal Volume in the Last 20 minutes.
The Lack of Buying Interest Highlights the Possibility of Further Weakness Should Selers Regain Momentum.
XLM/USD (TradingView)
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