Trading in South Korea for a temporary encryption was suspended for trading in the distinctive symbol of XLM in Stellar on Tuesday, a precautionary step as the stellar network is preparing to upgrade its 23 protocol.
It is expected that the scheduled update, which was appointed on September 3, is expected to enhance the ability to expand and accelerate the transaction speeds, leading to many exchanges to adopt stability measures during the transition.
XLM was traded in a narrow range between $ 0.36 and $ 0.37 in 24 hours before the upgrade, with a high level of sound with resistance tests at the upper end of this range.
Despite multiple attempts to penetrate $ 0.37, the sale pressure kept the prices for, while strong support consists of $ 0.36. Analysts suggest that this monotheism reflects institutional accumulation, as market participants closely monitor the decisive collapse.
The last hour of trading before the suspension increased from fluctuations, as XLM is smoothly 0.37 dollars before slip to $ 0.36. The price procedure emphasizes the importance of the network in border payments and the increasing institutional focus on the infrastructure of digital assets.
The broader momentum is also fed by increasing interest in the central bank’s digital currencies (Cbdcs) Blockchain adopts institutions, including partnerships that involve Hedra.
With the upgrade of Stellar 23, traders look forward to two critical levels: $ 0.45, which XLM failed to scan on four separate occasions since June, and a support zone from 0.30 to $ 0.32, which is seen as a potential accumulation area. Market observers say the promotion results can dictate whether the star finally abandons her roof or has declined to rebuild support at lower levels.
Main technical indicators
- Price parameters: XLM was traded within a $ 0.36 corridor to $ 0.37 during a 24 -hour period with 3 % fluctuation.
- Size evaluation: peak trading activity of 28.91 million during the resistance test at a threshold of $ 0.37.
- Support/Resistance dynamics: A strong resistance set at $ 0.37 with support from support to maintain integrity of about $ 0.36.
- Horization configurations: multiple attempts to maintain the rating higher than the resistance threshold $ 0.37.
- Institutional participation: High volume coincides with the main technical levels that indicate accumulation patterns between the participants in the advanced market.
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