XLM Tumbles Below Key $0.285 Support as Bears Take Over

Stellar (XLM) experienced a significant decline, falling to $0.281 and breaking below the crucial $0.285 support level due to intensified selling pressure during trading. This drop was accompanied by a notable increase in trading volume, peaking at 76.24 million tokens, marking a 115% surge above the 24-hour average. The price moved within a established trading range, with critical levels of support now identified at $0.281 and further down at $0.278-$0.280. Following an unsuccessful resistance test near $0.290, the market encountered bearish momentum characterized by lower highs and lower lows. Institutional distribution appears to exacerbate the volatility around current price levels. Traders should note that any rebound attempts will face resistance at the former support level of $0.285, while further downward targets remain a key focus for market participants.

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