Stellar’s XLM extended its decline over the past 24 hours, falling from $0.2945 to $0.2728 in a sharp 7.7% decline, reinforcing a clear downtrend.
The cryptocurrency spent the session forming lower highs and lower lows within a trading range of $0.0227 as persistent selling pressure dominated market sentiment.
The most important move came on November 3 when XLM broke below its crucial support level of $0.2800.
The crash triggered a spike in trading activity, with volume rising 483% over the 24-hour average to 262.9 million tokens. The heavy selling continued into the next session, marking $0.2857 as firm resistance after several failed attempts to rally.
On November 4, new short-term support had emerged near $0.2720, although buyers struggled to defend it. The price briefly rose to $0.2740 before faltering again on low momentum and falling volume – only 638,000 tokens were traded during the bounce attempt.
Without clear fundamental catalysts in play, XLM’s action remains technically driven. Failure to hold above $0.2740 signals continued weakness, and traders now view the psychological $0.2700 level as the next potential downside target.
Key technical levels signal bearish continuation for XLM
Support / Resistance Analysis
- Immediate resistance at $0.2857, confirmed by several failed tests showing seller dominance.
- Breakdown of key support at $0.2800 triggered accelerated selling on November 3rd.
- The current support zone between $0.2720-$0.2740 is showing signs of weakness.
- The next downside target is at the psychological $0.2700 level.
Volume analysis
- 483% volume increase above 24-hour SMA during the breakdown.
- Maximum volume of 262.9 million tokens occurred below the $0.2800 support failure.
- Recent rejection attempts showed declining volume (638K), indicating weak buying interest.
Chart Patterns
- Established downtrend with lower highs and lower lows.
- Failed bounce from $0.2722 lows confirms ongoing bearish momentum.
- $0.0227 trading range highlights elevated volatility and sustained selling pressure.
Risk/reward assessment
- Bearish bias remains intact while the price remains below $0.2800.
- Short-term traders are targeting a move down to $0.2700.
- Recovery scenario calls for retracement at $0.2740 support with volume confirmation.
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial staff to ensure accuracy and compliance with our standards. For more information, see CoinDesk’s full AI policy.
