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

Stellar (XLM) experienced a decline of 2.2%, falling from $0.2789 to $0.2727, as it faced strong selling pressure at the key resistance level of $0.2815. This decline, accompanied by a notable increase in trading volume, suggests a bearish trend as institutional selling was observed. Trading volume surged by 62% to 42.6 million tokens at the resistance zone, indicating a rejection of a breakout attempt. The coin's current support level lies around $0.2709, with the psychological barrier at $0.27 providing additional support. Patterns in trading showed consecutive lower highs and a failed breakout attempt that reinforced the bearish sentiment. A further decline below $0.2709 could indicate more substantial downward movement. Without a significant volume-backed push above $0.2815, XLM appears poised for continued downward pressure in the short term.

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