XLM Tumbles Below Key $0.285 Support as Bears Take Over

Stellar (XLM) has recently experienced a significant decline, falling 1.2% below the key support level of $0.285 to hit $0.281 amid increased selling pressure. This downturn occurred during a trading session where XLM retreated from $0.289, breaking through the critical support level due to heightened institutional distribution. During the decline, XLM experienced a notable volatility of 6.7%, with a 60-minute trading range established between $0.281 and $0.294. The trading volume peaked at 76.24 million tokens, surpassing the 24-hour average significantly, as sellers overwhelmed buyers, rejecting resistance near $0.290. Technical analysis indicates that the primary resistance is set at $0.294, with critical support now at $0.281. If selling pressure continues, a secondary support level in the $0.278-$0.280 range is also being monitored. Immediate downside targets and risk levels for any potential bounce have been identified clearly, indicating a bearish momentum shift in the market.

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