XLM Gains 2.5% as Volume Surge Signals Institutional Activity, Consolidates Near $0.321
Stellar’s XLM advanced 2.5%, climbing from $0.3131 to $0.3210 over the past 24 hours, confirming an ascending trend and breaking above key resistance before entering a consolidation phase.
The rally was supported by higher lows at $0.3106, $0.3118, and $0.3149, indicating steady buying momentum. Around midday UTC on Oct. 24, trading volume spiked to 74.39 million tokens, roughly 350% above the 24-hour average, propelling XLM to a session high of $0.3229. Resistance appeared near $0.3230, while support held around $0.3150, establishing a trading range of $0.0133, or about 4.2% intraday volatility.
After reaching its peak, XLM eased slightly to $0.321 amid profit-taking, forming a descending triangle pattern. Technical analysts interpret this as short-term consolidation rather than a reversal, with the token resting near the 38.2% Fibonacci retracement, potentially establishing a base for future upside.
The surge in volume points to institutional participation, and maintaining support near $0.321 could set the stage for continued gains if buying pressure resumes.
Key Technical Levels:
- Resistance: $0.3230
- Support: $0.3150
- Immediate Base: $0.321
Volume Insights:
- Breakout Volume: 74.39M tokens, confirming move above $0.3170
- Distribution Volume: 2.9M+, reflecting professional profit-taking
Chart Patterns:
- Ascending trend with higher lows
- Descending triangle during pullback
- Base formation aligns with 38.2% Fibonacci retracement
Targets & Risk:
- Upside target: $0.3230 on renewed buying
- Downside risk: $0.3150 to maintain trend
- Risk/reward favors continuation given strong volume and technical structure
About The Author
More Stories
BTC Surges to $111K as Crypto Whipsaw Trading Persists
HBAR Drops to $0.170, Losing 1.7% Amid Channel Support Breakdown
Gemini Target Cut by Citi, Bullish Token Price Forecast Raised