XLM Struggles to Hold Above $0.36 After Renewed Selling Pressure
Stellar (XLM) declined by nearly 4% in the last 24 hours, slipping toward the lower end of its recent trading range. The cryptocurrency, which has been under pressure for several weeks, is now testing critical support near the $0.35–$0.36 zone, a level that traders are watching closely for signs of either stabilization or further downside.
The chart highlights that XLM had previously staged a strong recovery after breaking out of a falling wedge pattern earlier this month. That breakout fueled a sharp rally toward $0.48, where sellers stepped in aggressively. Since then, the token has been on a gradual decline, unable to reclaim the higher resistance zones around $0.42 and $0.46.
“The $0.35 support has acted as a floor for XLM in recent weeks, but repeated retests raise concerns of weakening demand,” BITX market strategist explained. “If this level gives way, the next major area of interest sits closer to $0.30.”
On the upside, any relief bounce would first need to clear the $0.38–$0.40 range, where heavy supply has previously capped recovery attempts. Breaking beyond that level could re-open the path toward $0.42 and $0.46 resistance zones. However, market sentiment suggests that buyers remain cautious amid broader volatility in the altcoin sector.
Volume indicators also reflect waning enthusiasm, with declining trading activity accompanying the recent price drop. This signals that momentum may remain muted unless a decisive breakout occurs in either direction.
“The technical structure is showing consolidation at the bottom of the range, but traders should be prepared for a possible breakdown if buying interest fails to pick up,” BITX analyst noted.
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.