Stellar Falls to $0.3123 Amid Double-Top Reversal
Stellar (XLM) slipped on Tuesday, declining from $0.3137 to $0.3123 over the 24-hour session ending Oct. 23 at 14:00 UTC. The token traded within a $0.0132 range (4.2%), reflecting volatile but largely range-bound action.
A sharp 62.1 million volume spike—around 180% above the 24-hour average—at 21:00 UTC on Oct. 22 triggered a selloff from $0.3081 to critical support at $0.3027, marking the lower boundary of XLM’s current trading range.
Despite a brief rebound toward $0.3160, XLM encountered persistent resistance, forming a double-top at $0.3147, signaling exhaustion. Selling pressure intensified in the final trading hour, with a breakdown below $0.3131 confirming short-term weakness and range-bound momentum.
On the fundamentals side, sentiment was influenced by reports of a partnership between Ripple and Stellar focusing on payment and humanitarian applications. Analysts highlighted their collaboration with the International Rescue Committee, where Ripple focuses on donation services and Stellar supports cash distribution through its Aid Assist program.
XLM Technical Overview
Support & Resistance
- Primary support: $0.3027, confirmed by high-volume testing
- Resistance: $0.3147 (double-top), secondary barrier at $0.3160
Volume Analysis
- Volume spike: 62.1M (~180% above SMA) established support near $0.3027
- Final-hour surge: 619.7K tokens confirmed breakdown below $0.3131
- Trend: Volume indicates distribution rather than accumulation at current levels
Chart Patterns
- Double-top reversal completed at $0.3147
- Price remains range-bound between $0.3027 and $0.3160
Targets & Risk/Reward
- A drop below $0.3027 could extend losses toward lower range limits
- Reclaiming $0.3147 is needed to test $0.3160 and open the potential upside
