XLM Pulls Back After Brief Gains as $0.41 Resistance Caps Momentum
Stellar’s XLM token saw a short-lived rally on Oct. 3 before sellers stepped in, reinforcing resistance near $0.41 and erasing earlier gains.
The token reached an intraday high of $0.4041 but retreated to $0.4015 after 14:00 UTC, with over 1.4 million tokens traded in a single minute, signaling significant selling pressure at session highs.
This price action comes as Bitcoin.com Wallet integrates Stellar and its DeFi protocols, broadening the token’s reach in global payments. While October historically favors crypto markets, XLM faces near-term resistance that may limit upside momentum.
Technical Overview
- Volume: Buying momentum fueled the early push, but a surge in selling volume marked the reversal.
- Resistance: Strong supply is evident around $0.41, capping upward movement.
- Support: Short-term support holds near $0.40, where buyers have repeatedly stepped in.
- Consolidation: XLM is trading in a tight $0.40–$0.41 range, indicating possible accumulation.
- Trend Signal: A bearish reversal pattern suggests institutional distribution near intraday highs.
