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

XLM has experienced a significant decline, plummeting 7.7% from $0.2945 to $0.2728 after breaking below the critical support level of $0.2800. This drop was accompanied by a staggering 483% increase in trading volume, with peaks reaching 262.9 million tokens. The market sentiment remains bearish, evidenced by the formation of lower highs and lower lows, and a failed upward attempt at $0.2740 reflects weak buyer confidence. Traders are now eyeing the next support target at the psychological $0.2700 mark. Although a recent bounce attempt reached $0.2740, it was met with low momentum and ongoing selling pressure, indicating a solidified downtrend without evident fundamental catalysts to reverse the course. Technically, the immediate resistance stands at $0.2857 and the overall bias leans bearish as XLM strives to regain strength above $0.2800.

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