XLM traded lower through Tuesday’s session, falling from $0.3137 to $0.3123 over the 24 hours ending on October 23rd at 14:00 UTC. The token moved within a tight $0.0132 range (4.2%), reflecting volatile but range-bound behavior.
A sharp 62.1 million volume increase – 180% above average – at 21:00 on October 22 triggered a sell-off from $0.3081 to critical support at $0.3027, establishing the lower bound of the current trading range.
Despite the short-term recovery, Stellar faced persistent technical resistance. Prices bounced back towards $0.3160, consolidating above $0.3120 before a double-top pattern formed at $0.3147, signaling exhaustion.
The last hour saw renewed selling pressure, with a break below $0.3131, confirming range-bound momentum and near-term weakness.
Basically, market sentiment was influenced by reports of cooperation between Ripple and Stellar, emphasizing humanitarian and payment use cases. Analysts, including ProfRippl, noted their shared engagement with the International Rescue Committee – Ripple focusing on donation services and Stellar on cash distribution through its Aid Assist program.
XLM technical overview
- Support & Resistance
- Strong support on $0.3027confirmed by high volume testing.
- Resistance on $0.3147 (double-top formation) with a secondary barrier on $0.3160.
- Volume analysis
- 62.1 million volume peak (≈180% above SMA) established key support close to $0.3027.
- 619.7K increase in last trading hour marked distribution below $0.3131.
- Chart Patterns
- Double-top reversal closed at $0.3147.
- The price is back range between $0.3027 (support) and $0.3160 (resistance).
- Goals and risk/reward
- Break below $0.3027 could extend losses towards lower limits.
- Reclaim of $0.3147 necessary to test $0.3160 resistance and open potential upside.
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