Stellar (XLM) Dips to $0.3123 Following Double-Top Reversal
Stellar (XLM) moved lower on Tuesday, falling from $0.3137 to $0.3123 in the 24-hour session ending Oct. 23 at 14:00 UTC. The token traded within a $0.0132 range (4.2%), reflecting volatile yet range-bound behavior.
A significant 62.1 million token volume spike—roughly 180% above the 24-hour average—occurred at 21:00 UTC on Oct. 22, triggering a selloff from $0.3081 to key support at $0.3027, which now defines the lower boundary of XLM’s current trading range.
While prices briefly recovered toward $0.3160, a double-top at $0.3147 indicated exhaustion. Renewed selling pressure in the final trading hour pushed XLM below $0.3131, confirming short-term weakness and range-bound momentum.
Fundamentally, sentiment was influenced by reports of a partnership between Ripple and Stellar focused on payment and humanitarian applications. Analysts noted their collaboration with the International Rescue Committee, with Ripple emphasizing donation services and Stellar supporting cash distribution via its Aid Assist program.
XLM Technical Overview
Support & Resistance
- Primary support: $0.3027, reinforced by high-volume testing
- Resistance: $0.3147 (double-top), secondary barrier at $0.3160
Volume Analysis
- Spike: 62.1M tokens (~180% above SMA) confirmed support at $0.3027
- Final-hour surge: 619.7K tokens marked the breakdown below $0.3131
- Trend: Volume indicates distribution rather than accumulation
Chart Patterns
- Double-top reversal completed at $0.3147
- Price remains range-bound between $0.3027 and $0.3160
Targets & Risk/Reward
- A drop below $0.3027 could extend losses to the lower range limit
- Recovering above $0.3147 is needed to test $0.3160 and open potential upside
