Stellar’s XLM’s token expanded its fall the previous day, slipping 5% from $ 0.39 to $ 0.38 between October 8 to 15:00 and October 9 at 14:00. The sale comes amidst the heavy institutional activity, with volumes of up to 35.51 million – above the average level – proving strong distribution pressure.
The breakdown below the $ 0.38 support level is marked with a clear emotion shift as the trade intensifies within a narrow range of $ 0.019. The analysis of the market structure showed a downward pattern of the channel forming, with a repeated decline near $ 0.38 suggesting prolonged bearish control.
At the last hour of trading, from 13:13 to 14:12 on October 9, the XLM poured another 1%, with a significant volume of spikes at 13:52 and 14:01 that signed a coordinated institutional sale. Analysts said the move reflects on the continued extermination of professional trading tables rather than short -term retail action.
Technical indicators indicate additional weakness
- Critical Support Failure to $ 0.38 accompanied by a grade-grade volume of 35.51 million exceeded the trading measurements
- Established downtrend pattern with sequel -next lower high indicates systematic distribution of institutional
- Resistance zone established at $ 0.39 where institutional sale continues to appear during recovery attempts
- Above-average quantity participation during price returns confirming coordinated institutional distribution techniques
- The technical chart pattern shows the downward developing channel with a lower ones high in resistance levels
- Recovery attempts failed near $ 0.38 that are constantly identified in the institution’s supply indicating strong overhead resistance
- Volume concentration during the decline of phases with 1.34 million at 13:52 and 1.43 million at 14:01 which confirms institutional participation
- The technical momentum technical momentum suggests continuous pressure downside towards $ 0.38 psychological support threshold
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