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

Stellar's XLM experienced a significant decline, dropping 7.7% from $0.2945 to $0.2728 within 24 hours. This downturn broke through the critical support level of $0.2800, leading to a surge in trading volume of 483%, totaling 262.9 million tokens. The recent sell-off reflects a prevailing bearish sentiment, with the coin forming lower highs and lower lows. Attempts to bounce back were weak, notably the $0.2740 level, which failed to attract sufficient buying interest. Currently, XLM finds itself at a new support zone around $0.2720–$0.2740, but indicators suggest this support is fragile and bears are targeting $0.2700 as the next downside risk. Traders are closely monitoring volume patterns and technical levels to ascertain potential recovery scenarios, which would require a solid reclaim of the $0.2740 support with robust buying volume.

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