“XLM consolidated near $0.2975 after a volatile session, underperforming the broader crypto market despite signs of accumulation near key support.”, — write: www.coindesk.com
Trading volume fell 21% below the 30-day average, pointing to limited conviction behind the move. Analysts said the price action appeared retail-driven, with little evidence of institutional support — a key ingredient for sustained upside.
XLM plunged from $0.3194 to $0.2952 before a sharp V-shaped recovery to $0.2980, hinting at possible accumulation near $0.2950 support. However, the muted volume suggests any breakout above the $0.3000–$0.3050 zone will require stronger participation from larger players.
XLM/USD (TradingView)
Technical analysis
- Support/Resistance
- Primary support holding at $0.2950.
- Resistance cluster forming at $0.3000–$0.3050, with critical resistance at $0.3200 following the earlier breakdown.
- Volume Analysis
- 81.9M volume (up 198% above the 24-hour SMA) marked the reversal point.
- Overall session volume was 21% below the 30-day average, indicating weak conviction behind the move.
- Chart Patterns
- V-shaped recovery from session lows suggests a possible double-bottom formation.
- Sustained volume confirmation is required to validate the pattern.
- Risk/Reward
- Current positioning at $0.2975 offers a favorable setup.
- Tight stops below $0.2950 support, with targets at the $0.3050 resistance zone.
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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A 160% spike in trading volume and stop-loss cascades drove the plunge, with SUI stabilizing just above key support amid mounting November supply concerns.
- SUI dropped to $2.29 after losing support at $2.41, with selling volume spiking 160% above the average.
- Traders reacted to a $146.55 million token unlock scheduled for November, triggering defensive selling.
- The decline occurred even as SUI’s Momentum DEX reached $26 billion in trading volume and Bing Gordon joined the foundation as an adviser.
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