Technical rejection at $0.2815 highlights persistent bearish sentiment despite earlier recovery attempts.
Stellar (XLM) came under renewed selling pressure in Thursday’s trading session, sliding 2.2% after failing to sustain momentum above the $0.2815 resistance level. The decline came amid a notable spike in trading volume, signaling active distribution as short-term traders locked in profits from recent gains.
Following a mild rebound earlier in the week, XLM reversed lower from its immediate resistance zone, reinforcing the view that buyers continue to face strong opposition near the $0.28–$0.30 range. Technical data indicates that this region has acted as a supply barrier, capping upside movements for several sessions.
The price currently trades near $0.2736, hovering just above the green support band seen between $0.26 and $0.27. Sustaining this level is crucial to prevent further downside toward the next demand zone near $0.22–$0.24, where the token last consolidated in July.
“The $0.2815 rejection aligns with a classic technical pattern of fading momentum at resistance,” said one BitXJournal market analyst. “Unless Stellar reclaims $0.29 on strong volume, short-term sentiment will likely remain cautious or bearish.”
Volume and Momentum Analysis
TradingView data shows a noticeable volume uptick, with market participation rising above the recent daily average. This suggests that sellers are regaining control after the failed breakout attempt. The Relative Strength Index (RSI) continues to trend near neutral levels, leaving room for additional declines if buyers fail to defend current support.
In broader market terms, XLM’s weakness mirrors the general cooling across mid-cap altcoins, as traders shift focus toward more liquid majors following profit-taking rounds.
The immediate technical outlook for XLM remains bearish-to-neutral. A daily close below $0.27 could accelerate losses toward $0.24, while a recovery above $0.29 would invalidate the short-term downtrend and reopen prospects for $0.33–$0.35.
As BitXJournal crypto strategist noted, “Stellar’s ability to hold its lower support range will define its trajectory for the rest of the week. A breakdown here could invite deeper correction before the next accumulation phase begins.”
Overall, Stellar’s rejection from $0.2815 highlights renewed market hesitation, keeping traders alert for confirmation of either a deeper retracement or a renewed push toward higher resistance.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.