Stellar’s XLM Slides 5% After Key Floors Break

XLM Drops 5% as $0.38 Support Crumbles Amid Heavy Institutional Selling

Stellar’s XLM continued its downward trend, falling 5% from $0.39 to $0.38 between October 8 and 9, driven by strong institutional activity. Trading volumes surged to 35.51 million, well above average, confirming significant distribution pressure.

The breakdown below the $0.38 support level highlighted a shift in market sentiment, as XLM formed a descending channel with repeated rejections at key levels, signaling persistent bearish control. The token traded within a narrow $0.019 intraday range, emphasizing the market’s sensitivity around this technical floor.

During the final hour of trading on October 9, XLM lost an additional 1%, with notable volume spikes at 13:52 and 14:01, reflecting coordinated institutional selling. Analysts noted the decline was largely driven by professional desks rather than retail traders.

Technical Highlights

• Failure of $0.38 support with institutional-level volumes confirming heavy selling pressure
• Formation of a descending channel with lower highs, indicating continued bearish momentum
• Resistance established at $0.39, where recovery attempts repeatedly met selling pressure
• Volume concentration during decline phases signals sustained institutional participation
• Momentum indicators suggest XLM could face further downside toward the $0.38 psychological floor

The token now faces near-term pressure unless buyers step in to reclaim the $0.38 level, as technical and volume signals indicate institutional selling remains the dominant influence.

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