South Korean Krypto is exchanged upbit temporarily suspended trade in Stellar’s XLM token on Tuesday, a cautious move as the star network reads for its protocol 23 upgrade.
The planned modernization set at September 3 is expected to improve scalability and speed up transaction speeds, causing more exchanges to adopt stability measures during the transition.
XLM traded in a narrow band between $ 0.36 and $ 0.37 in the 24 hours leading up to the upgrade, with volume tips that coincided with testing resistance at the upper end of this interval.
Despite several attempts to break through $ 0.37, it kept selling pressure prices uncovered, while strong support formed for $ 0.36. Analysts suggest that this consolidation reflects institutional accumulation where market participants look closely after a decisive outbreak.
The last hour of trade before the suspension experienced increased volatility, with XLM card affected $ 0.37 before returning to $ 0.36. Price action emphasizes the importance of the network in cross -border payments and the growing institutional focus on digital asset infrastructure.
The wider momentum is also burned by increasing interest in digital currencies in the central bank’s currencies (Cbdcs) and Enterprise Blockchain -Reconciliation, including partnerships involving Hedera.
With Stellar’s Protocol 23 upgrade in progress, the traders see two critical levels: $ 0.45 resistance that XLM has failed to clear on four separate occasions since June, and $ 0.30- $ 0.32 support zone seen as a potential accumulation area. Market Observers say the result of the upgrade could dictate whether Stellar is finally breaking through his ceiling or withdrawal to rebuild lower levels.
Main technical indicators
- Price Parameters: XLM traded within a $ 0.36- $ 0.37 corridor over the 24-hour period with 3% total volatility.
- Volume Assessment: Peak Trading Activity of 28.91 million during Resistance Survey at $ 0.37 threshold.
- Support/Resistance Dynamics: Robust resistance established for $ 0.37 with support maintenance of integrity around $ 0.36.
- Breakout configurations: Multiple failed attempts to maintain valuations above $ 0.37 resistance threshold.
- Institutional participation: Volume waves that coincide with central technical levels suggest accumulation patterns among sophisticated market participants.
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