XLM Tumbles Below Key $0.285 Support as Bears Take Over

Stellar (XLM) experienced a decline, falling 1.2% below the critical $0.285 support level to $0.281 amid increased selling pressure. During this period, trading volume surged to 76.24 million tokens, significantly above its 24-hour average of 35.4 million, indicating heightened investor activity. The token's price broke through the support level after failing to sustain a test near $0.290. Notably, the price dropped from $0.289 to $0.281 in just one hour, driven by a bearish momentum characterized by lower highs and lower lows. Analysts identified the current trading range between $0.281 support and $0.294 resistance, signaling increased volatility as traders adjusted their positions. The immediate downside target is now set at the $0.278-$0.280 zone, with previous support levels potentially acting as resistance in future attempts to rebound. Volume confirmation above 2 million will be crucial for any sustained upward movements.

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