Stellar’s XLM Pulls Back After Brief Surge as Resistance Holds at $0.41
Stellar’s XLM token saw a quick upside move on Oct. 3 before sellers regained control, reinforcing a key resistance zone near $0.41 despite positive network developments.
XLM reached an intraday high of $0.4041 in afternoon trading but slipped back to $0.4015 after 14:00 UTC, erasing earlier gains. The sharp reversal was accompanied by a notable surge in activity — more than 1.4 million tokens traded in a single minute — suggesting institutional selling pressure near local highs.
The pullback came as Bitcoin.com Wallet added Stellar network and DeFi protocol support, a step expected to broaden the asset’s payment and utility footprint. Still, near-term technicals remain heavy, even as October’s seasonal strength offers a potential longer-term tailwind for crypto markets.
Technical Overview
- Volume Patterns: Strong buying momentum early in the session gave way to intense selling, with over 1.4 million tokens traded between 14:00–14:01 UTC.
- Resistance Zone: Repeated rejections were observed near $0.41, confirming overhead supply.
- Support Zone: Short-term support remains intact around $0.40, where buyers continue to defend the range low.
- Range Formation: XLM is consolidating between $0.40 and $0.41, reflecting balance between accumulation and distribution.
- Trend Signal: A bearish reversal setup has formed, indicating profit-taking by larger players at the top of the range.
