XLM Surges 7% Before Swift Reversal as Bulls Face Profit-Taking

XLM experienced a notable surge of 7%, rising from $0.36 to $0.39, driven by heavy institutional buying that nearly doubled the average trading volume. This breakout occurred at 08:00 UTC on October 1, establishing initial support at $0.37. Despite robust volumes signaling strong interest, XLM faced a rapid decline following profit-taking by institutional investors, highlighting the fragility of its bullish momentum. The sharp selloff at 13:41 UTC pushed the price back down to $0.37, disrupting the upward trend. Analysts now focus on whether $0.37 will hold as support in light of the recent volatility across cryptocurrency markets. The day's trading session showcased significant fluctuations, with trading volumes reaching 56.77 million, reflecting increased activity and potential accumulation by larger players. However, the sudden reversal suggests that caution is warranted among traders as market dynamics remain uncertain.

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