XLM Climbs 2.5%, Consolidates Near $0.321 Amid Surge in Trading Volume
Stellar’s XLM gained 2.5% in the past 24 hours, moving from $0.3131 to $0.3210, breaking above key resistance before entering a short-term consolidation phase. The token’s broader uptrend remains intact, supported by higher lows at $0.3106, $0.3118, and $0.3149.
Trading activity spiked sharply around midday UTC on Oct. 24, with volume reaching 74.39 million tokens, roughly 350% above the 24-hour average. This surge drove XLM to a session high of $0.3229, confirming a breakout above $0.3170. Resistance emerged near $0.3230, while support held at $0.3150, defining a $0.0133 trading range (≈4.2% volatility).
XLM eased slightly to $0.321 following the peak, forming a descending triangle pattern, indicating short-term profit-taking rather than a reversal. The pullback aligns with the 38.2% Fibonacci retracement, suggesting a potential base formation. Analysts note that the volume spike may indicate institutional involvement, providing a foundation for future upside if buying momentum resumes.
Technical Snapshot
- Resistance: $0.3230
- Support: $0.3150
- Immediate Base: $0.321
Volume Analysis:
- Breakout confirmed with 74.39M tokens traded
- Distribution volume of 2.9M+ indicates profit-taking
- Volume patterns suggest professional/institutional activity
Chart Patterns:
- Ascending trend with higher lows
- Descending triangle forming during pullback
- Base formation supported by 38.2% Fibonacci retracement
Outlook & Risk Management:
- Upside Target: $0.3230 if volume expands above $0.3170
- Downside Risk: $0.3150 to maintain bullish structure
- Technical signals favor continuation if buying pressure returns
