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Stellar’s XLM Slides 7.7% as Key Support Break Sparks Heavy Sell-Off

Stellar's XLM experienced a significant decline of 7.7%, dropping from $0.2945 to $0.2728, following a breach of the critical $0.2800 support level. This downturn prompted a surge in trading volume, which rose by 483% to 262.9 million tokens. The movement of XLM was characterized by the establishment of lower highs and lower lows, reflecting persistent selling pressure in the market. A failed bounce attempt at $0.2740 indicates weak buyer interest and further bearish momentum, with traders now focusing on the psychological support level around $0.2700 as a new downside target. The recent trading patterns reveal a bearish bias as long as prices remain below $0.2800, suggesting a potential continued downtrend unless there is a recovery above this resistance.

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