XLM Price Drops 4% Amid Institutional Selling Pressure - Stellar Technical Analysis

Stellar's XLM cryptocurrency experienced significant downward momentum during a 23-hour trading period from September 29 to September 30, declining 4% from $0.38 to $0.36. The price movement occurred within a tight $0.01 range, highlighting XLM's challenge in maintaining upward traction. Initial resistance at $0.38 coincided with substantial trading volume of 38.6 million, indicating strong institutional selling activity. A subsequent rejection at the same price level with 18.6 million volume further reinforced bearish market sentiment. Key support levels emerged at $0.37 and $0.36, with the latter attracting significant defensive buying during late trading hours as volumes surged to 31.4 million. While the high-volume activity at $0.36 suggests potential accumulation, the overall market structure—characterized by consecutive lower highs and lows—indicates the bearish trend remains dominant. The breach below the psychological $0.37 support level confirmed continued downward pressure. XLM concluded the 24-hour period with an unsuccessful recovery attempt at $0.37 during final trading hours, where volume briefly spiked before facing rejection, resulting in a total 4% decline. Technical Indicators Summary: • Resistance at $0.38 with 38.6 million volume confirmed institutional selling • Secondary resistance zone at $0.38 with 18.6 million volume activity • Support established at $0.37 and $0.36 with high-volume defense • Breakdown below $0.37 psychological level confirmed bearish momentum • Critical support breakdown occurred at 13:31 with 665,000 volume • Zero volume between 14:07-14:08 indicates potential liquidity exhaustion • Pattern of lower highs and lows suggests ongoing institutional distribution