Stellar (XLM) Experiences Decline as Key Support Levels Break Indicating Increasing Bearish Momentum
Stellar's (XLM) price fell by 1.2% within 24 hours, dropping from $0.2580 to $0.2548, breaking its ascending trendline and key support near $0.2527. During this breakdown around $0.2521, trading volume surged 78% above the 24-hour average to 30.4 million XLM, indicating strong selling pressure.
This breakdown led to a possible retest of the $0.2500 psychological support level, with the price testing this zone as selling intensified. A prior rejection at resistance near $0.2607 followed by this breakdown confirmed worsening momentum from the previous uptrend.
The 60-minute chart showed bearish acceleration, with XLM sliding from $0.2586 to $0.2535. Currently, the primary support is at $0.2527, with the next downside target at $0.2500. Resistance remains at $0.2607, having encountered high rejection at $0.2617.
To reverse the bearish trend, a move above $0.2580 would be necessary to negate the current bearish structure.
