“Double-top reversal at $0.3147 resistance overshadows collaborative payment infrastructure developments.”, — write: www.coindesk.com
A sharp 62.1 million volume spike—180% above average—at 21:00 on Oct. 22 triggered a selloff from $0.3081 to critical support at $0.3027, establishing the lower boundary of the current trading range.
Despite briefly recovering, Stellar faced persistent technical resistance. Prices rebounded towards $0.3160, consolidating above $0.3120 before a double-top pattern formed at $0.3147, signaling exhaustion.
The final hour saw renewed selling pressure, with a breakdown below $0.3131 confirming range-bound momentum and short-term weakness.
Fundamentally, market sentiment was influenced by reports of collaboration between Ripple and Stellar, emphasizing humanitarian and payment use cases. Analysts, including ProfRippl, noted their shared involvement with the International Rescue Committee—Ripple focusing on donation services and Stellar on cash distribution through its Aid Assist program.
XLMUSD (TradingView)
XLM Technical Overview
- Support & Resistance
- Strong support at $0.3027confirmed by high-volume test.
- Resistance at $0.3147 (double-top formation) with a secondary barrier at $0.3160.
- Volume Analysis
- 62.1M volume spike (≈180% above SMA) established key support near $0.3027.
- 619.7K surge in final trading hour marked breakdown below $0.3131.
- Chart Patterns
- Double-top reversal completed at $0.3147.
- Price remains range-bound between $0.3027 (support) and $0.3160 (resistance).
- Targets & Risk/Reward
- Break below $0.3027 could extend losses towards lower range limits.
- Reclaim of $0.3147 needed to test $0.3160 resistance and open potential upside.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
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