Stellar’s XLM extended its fall over the past 24 hours, sliding from $0.2945 to $0.2728 in a sharp 7.7% drop that reinforced a clear downtrend.
The cryptocurrency spent the session making lower highs and lower lows within a $0.0227 trading range, due to continued selling pressure led by market sentiment.
The most significant move came on November 3, when XLM broke below the crucial $0.2800 support level.
The breakdown triggered a surge in trading activity, with volume 483% above the 24-hour average at 262.9 million tokens. Heavy selling continued in the next session, marking $0.2857 as firm resistance after several failed attempts to rally.
By November 4, new short-term support appeared near $0.2720, although buyers struggled to defend it. The price briefly bounced to $0.2740 before falling back to low momentum and shrinking volume – only 638,000 tokens traded on the bounce attempt.
With no clear major catalysts in play, XLM’s action remains technically driven. The inability to hold above the $0.2740 signal continues to be weakness, and traders are now looking at the psychological $0.2700 level as the next potential downside target.
The key technical levels signal bearish continuation for XLM
Analysis of Support / Resistance
- Immediate resistance at $0.2857, confirmed by multiple failed tests showing seller dominance.
- The collapse of key support at $0.2800 triggered accelerated selling on November 3rd.
- The current support zone between $0.2720-$0.2740 is showing signs of weakness.
- Next Downside Target sits at the psychological $0.2700 level.
Quantitative Assessment
- 483% volume surge above the 24-hour SMA during the breakdown.
- The peak volume of 262.9m tokens occurred during the $0.2800 support failure.
- The recent bounce attempt showed reduced volume (638K), indicating weak buying interest.
Chart patterns
- The downtrend is established with lower highs and lower lows.
- Failed bounce from $0.2722 lows confirms continued bearish momentum.
- The $0.0227 trading range highlighted increased volatility and continued selling pressure.
Risk / Reward Assessment
- Bearish bias remains intact as price remains below $0.2800.
- Short-term traders targeting a move down to $0.2700.
- The recovery scenario calls for a reclamation of the $0.2740 support with volume confirmation.
Disclaimer: Parts of this article were generated with help from AI tools and reviewed by our editorial team to ensure accuracy and compliance with our standards. For more information, see Coindesk’s full AI policy.
