XLM Tumbles Below Key $0.285 Support as Bears Take Over

XLM saw a decline to $0.281 as selling pressure escalated during the afternoon, breaking below the critical $0.285 support level. Trading volume surged, reaching a peak of 76.24 million tokens, significantly exceeding the 24-hour average of 35.4 million, as buyers were overwhelmed. The breakout was evident as Stellar decreased from $0.289 to $0.281 in just an hour, marking a notable 2.8% drop. The trading range settled between $0.281 and $0.294, indicating increased volatility and trader uncertainty. The selling trend was characterized by lower highs and lower lows, confirming a bearish shift in momentum. Analysts highlight that immediate downside targets are set around the $0.278-$0.280 support range, and any attempts to bounce back must contend with the former support now acting as resistance at $0.285.

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