Stellar’s XLM token reversed sharply on Oct. 3 after briefly testing new highs. The token rose to $0.4041 in afternoon buying and selling, however heavy promoting after 14:00 UTC dragged it again to $0.4015, erasing earlier good points.
Volumes spiked in the course of the sell-off, with greater than 1.4 million tokens traded in a single minute, signaling institutional promoting at resistance and elevating the chance of additional draw back.
The transfer comes as Bitcoin.com Pockets built-in Stellar and its DeFi protocols, increasing XLM’s funds attain. Seasonal traits could present help, with October traditionally a powerful month for crypto, although near-term stress stays.
Technical Indicators Abstract
- Quantity evaluation revealed elevated exercise throughout preliminary advance with exceptionally sturdy promoting quantity exceeding 1.4 million in the course of the 14:00-14:01 timeframe.
- Resistance fashioned round $0.41-$0.41 zone the place worth repeatedly encountered promoting stress.
- Help ranges recognized close to $0.40-$0.40 the place shopping for curiosity materialized a number of occasions.
- Consolidation formation developed between $0.40-$0.40 indicating potential accumulation.
- Bearish reversal sample validated by institutional distribution at session peaks.
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