Stellar Extends Decline as Protocol 23 Upgrade Fails to Spark Rally
Stellar’s XLM token continued to slide, falling 2.7% over the past 24 hours to $0.358. Price action remained in a $0.012 range, reflecting 3.26% volatility, as multiple attempts to breach resistance at $0.362 were rejected. Support near $0.357–$0.358 is weakening under persistent selling pressure.
The Sept. 3 Protocol 23 upgrade failed to trigger buying momentum, while institutional demand remains muted. A prior $192,000 liquidation from the $0.40–$0.45 range underscores XLM’s vulnerability to downside moves.
Technical highlights:
- Resistance: $0.362 firmly caps gains.
- Support: $0.357–$0.358 fragile.
- Volume: Spiked to 21.47M on Sept. 4 13:00 UTC, easing to 16.7M.
- Momentum: Selling pressure accelerating, confirming bearish bias.
XLM now approaches a crucial $0.32–$0.30 demand zone, where market support will determine the token’s near-term trajectory.
