Stellar Drops 2.2% to $0.2727 as Key Resistance Rejects Rally

Stellar (XLM) experienced a 2.2% decline, falling from $0.2789 to $0.2727 due to heavy selling pressure at the $0.2815 resistance level. This move confirms a continued bearish trend, with trading volume increasing by 62% to 42.6 million tokens at the point of rejection. The formation of lower highs suggests a persistent downtrend, and further declines may occur if the price breaks below the support level of $0.2709. The price traded within a $0.0124 range, highlighting 4.5% intraday volatility. A false breakout was confirmed during a brief recovery attempt earlier, which resulted in a swift drop, emphasizing the strength of seller control in the market. Trading momentum waned, with volume contracting to just 18% of the session average, signaling a lack of buying interest. Traders are closely monitoring XLM's support level at $0.2709, as a break below could pave the way for additional losses, while resistance remains firmly at $0.2815 until a significant volume-backed breakout occurs.

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