Stellar Falls Below $0.285 as Bears Dominate Market
Stellar (XLM) slid to $0.281 on Tuesday, breaking through a key support level as bearish momentum intensified. The decline followed a failed attempt to push above resistance near $0.290, with trading volume spiking sharply during the session.
The token moved in a $0.0189 range, reflecting 6.7% intraday volatility, as sellers overwhelmed buyers. XLM dipped from $0.2846 to $0.2812, with the breakdown accelerating around mid-afternoon when volume surged to 76.24 million tokens—over 115% above the 24-hour average.
Technical Overview:
- Resistance: $0.294, confirmed after multiple failed breakout attempts
- Immediate Support: $0.281, breached decisively
- Secondary Support: $0.278–$0.280
- Volume: 24-hour volume rose 26% above the 7-day average, signaling strong selling pressure
- Patterns: The formation of lower highs and lower lows confirms a bearish trend
Market analysts note that XLM now faces short-term downside risk toward the $0.278–$0.280 support zone. Any bounce attempts will likely encounter resistance at the former $0.285 support level, now acting as a ceiling.
The session’s price action highlights a clear shift in momentum, with institutional activity driving the sell-off. Traders are closely watching whether Stellar can stabilize above $0.281 or if further declines are imminent, mirroring broader market weakness.
