XLM Tumbles Below Key $0.285 Support as Bears Take Over

Stellar (XLM) has faced significant selling pressure, dropping from $0.289 to $0.281, thereby breaching its crucial support level at $0.285. This decline occurred amid increased trading volume, peaking at 76.24 million tokens, which was 115% above the average for the past 24 hours. The token's volatility reached 6.7% as traders reacted to the breakdown. During this trading session, a noticeable bearish momentum developed, as reflected in price patterns that depicted lower highs and lower lows. The failure to maintain resistance near $0.290 resulted in further selling, pushing XLM through the essential support zone. Immediate downside targets include a further drop into the $0.278-$0.280 range, while any attempts to recover will face resistance at the former support level of $0.285. Overall, the technical analysis indicates a shift towards bearish sentiment as institutional distribution increases.

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