2 days ago
Stellar’s XLM token came nether dense organization selling unit betwixt August 17 astatine 3:00 PM and August 18 astatine 2:00 PM, sliding from $0.43 to $0.41 successful a 6% decline.
Trading volumes during the 24-hour play topped $30 million, representing astir 7% of regular turnover.
The astir notable liquidation lawsuit occurred betwixt 1:00 AM and 3:00 AM connected August 18, erstwhile organization sellers offloaded much than 60 cardinal tokens. This selloff forced XLM down from $0.42 to $0.41, creating beardown absorption astatine the $0.42 level and defining caller enactment adjacent $0.41.
Despite attempts astatine recovery, the plus consistently failed to breach the absorption zone, signaling persistent organization bearishness and leaving XLM susceptible to further downside.
The last trading hr connected August 18 added caller pressure, arsenic XLM registered a 1% driblet betwixt 1:21 PM and 2:20 PM. Institutional selling accelerated betwixt 1:31 PM and 1:42 PM, with firm liquidations pushing prices from $0.41 to $0.41 connected volumes exceeding 2.7 cardinal units.
This flurry of enactment confirmed absorption astatine $0.41 and acceptable a short-term enactment level astatine the aforesaid level. Multiple betterment attempts passim the hr were met with renewed selling pressure, culminating successful a stagnant adjacent astir $0.41 with minimal measurement successful the past 20 minutes.
The deficiency of buying involvement highlights the anticipation of further weakness should sellers regain momentum.
Disclaimer: Parts of this nonfiction were generated with the assistance from AI tools and reviewed by our editorial squad to guarantee accuracy and adherence to our standards. For much information, see CoinDesk's afloat AI Policy.
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