“XLM retreated to $0.281 as selling pressure intensified during afternoon trading, with volume surging amid a failed resistance test.”, — write: www.coindesk.com
The breakdown accelerated at 14:00 when trading volume spiked to 76.24 million tokens—115% above the 24 hour average of 35.4 million. Price tested resistance near $0.290 before sellers overwhelmed buyers, pushing XLM through the critical $0.285 support zone that had anchored previous consolidation attempts.
Recent 60-minute data shows XLM declined from $0.289 to $0.281, marking a sharp 2.8% drop characterized by lower highs and lower lows. Bears gained control during key moments at 15:44 and 15:47, with volume exceeding 1.9 million as price action broke decisively below the $0.285 level.
XLM/USD (TradingView)
Key technical levels signal breakdown risk for XLMSupport/Resistance Analysis:
- Primary resistance established at $0.294 following session highs.
- Critical support zone now at $0.281 after decisive breakdown.
- Secondary support target identified in $0.278-$0.280 range.
Volume Analysis:
- 24-hour volume climbed 26.06% above 7-day average during breakdown.
- Peak institutional activity at 76.24M shares coincided with resistance rejection.
- Elevated selling pressure maintained above 1.9M during key breakdown moments.
Chart Patterns:
- Clear trading range between $0.281-$0.294 established during session.
- Lower highs and lower lows pattern confirmed bearish momentum shift.
- Failed breakout attempt validated distribution thesis at higher levels.
Targets & Risk Management:
- Immediate downside target: $0.278-$0.280 support zone.
- Risk level for any bounce attempts: $0.285 former support now resistance.
- Volume confirmation required above 2M for sustained directional moves.
Disclaimer: Parts of this article were generated with the assistance of 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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