Stellar’s XLM Gains 2.5% Amid Volume Spike, Consolidates Near $0.321
Stellar’s XLM surged 2.5%, moving from $0.3131 to $0.3210 over the past 24 hours, breaking above key resistance before settling into a short-term consolidation around $0.321. The token’s broader uptrend remains intact, supported by a series of higher lows at $0.3106, $0.3118, and $0.3149.
Trading activity spiked sharply on Oct. 24, with volume reaching 74.39 million tokens, roughly 350% above the 24-hour average. This surge pushed XLM to a session high of $0.3229, confirming a bullish breakout above the $0.3170 level. Resistance emerged at $0.3230, while support held at $0.3150, defining a $0.0133 trading range (≈4.2% intraday volatility).
Following the peak, XLM retraced slightly to $0.321, forming a descending triangle pattern that indicates short-term profit-taking rather than a reversal. The pullback aligns with the 38.2% Fibonacci retracement, suggesting a potential base formation. Analysts point to the strong volume as a signal of institutional participation, which may support further upward momentum.
Technical Snapshot:
- Resistance: $0.3230
- Support: $0.3150
- Immediate Base: $0.321
Volume Analysis:
- Breakout confirmed with 74.39M tokens traded
- Distribution volume of 2.9M+ reflects profit-taking
- Volume trends indicate institutional involvement
Chart Patterns & Outlook:
- Ascending trend structure maintained with higher lows
- Short-term descending triangle forming during pullback
- Base formation supported by 38.2% Fibonacci retracement
Targets & Risk Management:
- Upside Target: $0.3230 if volume expands above $0.3170
- Downside Risk: $0.3150 to maintain bullish trend
- Market structure favors continuation, with institutional activity supporting potential gains
