Stellar's XLM token experienced significant price swings in the last 24 hours, dropping to crucial support levels before showing a strong recovery. The trading activity, characterized by substantial institutional volume, highlights the market's concentration on the $0.36–$0.37 support range as investors assess potential upward movements.
During Asian trading hours, XLM fell to $0.36 with trading volume exceeding 40 million—more than twice the daily average—establishing this price point as a major high-volume support area. The decline was quickly countered by buying pressure, pushing the price back toward $0.37, indicating possible institutional accumulation at lower price levels.
The final trading hour on September 24 saw particularly high volatility. XLM dropped sharply to $0.368 at 13:37 UTC before rebounding to $0.369 by 14:10 UTC. Volume surges at 13:37 (1.27 million), 13:58 (1.19 million), and 13:59 (1.58 million) confirmed substantial institutional participation driving intraday price movements.
Technical Analysis Shows Consolidation Phase
- $0.01 trading range representing 4% volatility signals active market participation
- High-volume support test at $0.36 level with 40.69 million in trading volume
- Recovery toward $0.37 during Asian session suggests institutional buying interest
- Key psychological support zone established around $0.36 level
- Volume spikes in final hour indicate significant institutional trading activity
- Consolidation pattern forming above $0.37 support zone