Stellar’s native Token XLM endured a powerful sales pressure over the last 24 hours and traded with a tight but punishing 5% range between $ 0.34 and $ 0.36. The session began with relative stability before a late sale knocked the token from its tops of $ 0.36 to $ 0.34.
Trade volume rose over 57 million units at midnight as the market tested support around $ 0.34- $ 0.35 zone. Buyers stepped back at the beginning of the next morning and lifted short XLM back to $ 0.36 on the back of what seemed to be institutional accumulation, with quantities of swelling to 70 million units.
Despite the recovery, Price Action stopped around $ 0.36, creating a range structure, as technical dealers say that often goes ahead of a directional breakout. The last hour of trade on September 1st showed Bearish Momentum regained control, with XLM slipping 1%when the consolidation pattern collapsed.
Intraday data highlighted an acceleration of sales pressure between 13:45 and 13:46, when more than 1.28 million token’s changed hands on today’s low. Attempting recovery fizzled before the end, and a lack of activity in the last minute, which suggested trade, was effective to stop.
The basic elements of the token were also tested by exchange and network-related developments. South Korea’s BithumB announced that it will suspend XLM deposits on September 3rd, while Stellar implements network upgrades, a temporary disturbance that emphasizes Blockchain’s transition to a critical upgrade phase this month.
At the same time, Ripple’s end of pilot trials with banks has strengthened wider confidence in blockchain-based payment solutions, putting extra pressure on stars to deliver competitive improvements.
Volume spikes signal institutional activity
- $ 0.02 trading area represents 5% spread between $ 0.34 support and $ 0.36 resistance during the session.
- Midnight Salgoff generates 57 million volume spike indicating heavy institutional sales.
- Morning Recovery Surge hits $ 0.36 on 70 million volume suggesting accumulation phase.
- Resistance confirmed at $ 0.36 with support zone established about $ 0.34- $ 0.35.
- Finally, recovery attempts fail when Bearish Momentum accelerates.
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