Stellar's XLM cryptocurrency demonstrated strong recovery after overnight selling pressure, climbing back above $0.39 during European trading hours. The token experienced a sharp decline from $0.39 to $0.38 between 2 a.m. and 4 a.m. UTC, marking the session's lowest point. Significant trading volume at the $0.38 level established this price as a crucial support zone, indicating substantial buyer interest.
The recovery gained momentum as European markets opened, pushing XLM toward $0.39. Market analysts attribute this bounce to institutional accumulation at discounted prices. Throughout the 24-hour period from September 16th at 15:00 UTC to September 17th at 14:00 UTC, XLM maintained remarkable stability within a narrow $0.38-$0.39 range, showing only 2% volatility despite broader crypto market fluctuations.
Final hour trading revealed continued battle between buyers and sellers. After briefly testing $0.39 at 13:25 UTC, XLM retreated to session lows before regaining strength. The token ultimately closed near $0.39, preserving its bullish market structure ahead of the US trading session.
Technical Analysis Shows Positive Momentum Indicators
- $0.38-$0.39 trading range represents 2% volatility during 24-hour assessment period
- Sharp overnight decline from $0.39 to $0.38 marked session's most significant drop
- High trading volume at $0.38 level confirmed strong demand concentration
- Recovery accelerated during European trading hours, surpassing $0.39
- Institutional accumulation confirmed around psychological $0.38 support level
- Series of higher lows during consolidation suggests underlying bullish sentiment
- Mid-session volatility tested critical support levels within one-hour window