Stellar Falls as Protocol 23 Upgrade Fails to Ignite Rally
Stellar’s XLM token continued its downward trend Thursday, slipping 2.7% over 24 hours to $0.358. The decline occurred within a $0.012 trading range, reflecting 3.26% volatility, as repeated attempts to break above $0.362 were consistently rejected. Support at $0.357–$0.358 is showing signs of fragility amid persistent selling pressure.
The Sept. 3 Protocol 23 upgrade failed to provide the bullish catalyst investors were expecting. Institutional sentiment remains cautious, highlighted by $192,000 in liquidations on Sept. 2 as XLM fell from the $0.40–$0.45 range. Broader macro conditions and reduced buying interest continue to weigh on the token.
Technical highlights:
- Resistance: $0.362 holds firm after multiple rejections.
- Support: $0.357–$0.358 under pressure.
- Volume: Spiked to 21.47M during Sept. 4 13:00 session (daily avg. 16.23M), tapering to 16.7M later.
- Momentum: Downward pressure accelerating, signaling continued bearish bias.
XLM now faces a key test around $0.32–$0.30, where buying interest will likely determine whether the token stabilizes or sees further losses.
