Stellar’s XLM token turned sharply on October 3 after short testing of new heights. The token rose to $ 0.4041 in afternoon trade, but heavy sales after 14:00 UTC withdrew it to $ 0.4015 and deleted previous winnings.
Volumes were spiked during sales, with more than 1.4 million tokens traded in a single minute, signaling institutional sales by resistance and increased the risk of further downward.
The move comes as Bitcoin.com wallet Integrated Stellar and its Defi Protocols and expands XLM’s payments range. Seasonal trends can provide support, with October historically a strong month for crypto, though it is back in the short term.
Technical indicators Summary
- Volume analysis revealed increased activity during the first progress of unusually strong sales volume exceeding 1.4 million during 14: 00-14: 01 timeframe.
- Resistance formed about $ 0.41- $ 0.41 zone, with price repeatedly encountering sales pressure.
- Support levels identified near $ 0.40- $ 0.40, where the purchase of interest was materialized several times.
- Consolidation formation developed between $ 0.40- $ 0.40, indicating potential accumulation.
- Bearish Reversal Pattern validated by institutional distribution at session tops.
Disclaimer: Parts of this article were generated with the help of AI tools and reviewed by our editorial team to ensure accuracy and compliance with Our standards. For more information, see Coindesk’s full AI policy.
