Stellar’s Price Declines as Key Support Levels Break
- On Nov. 17, Stellar (XLM) fell by 1.2%, from $0.2580 to $0.2548.
- A significant volume spike of 30.4 million XLM occurred around 13:00 UTC, marking a 78% increase above the daily average.
- The price broke below the ascending trendline at $0.2521 and key support at $0.2527, reaching new session lows around $0.2531.
- Resistance was established at $0.2607, with a rejection noted at $0.2617 during trading.
- An immediate downside target is set at the psychological level of $0.2500, representing a potential decline of about 1.9% from current levels.
The recent bearish momentum in Stellar indicates increased selling pressure and uncertainty in market direction following the breach of key support levels.
With XLM now testing crucial support at $0.2500, traders are closely monitoring for further declines following the significant volume spike that accompanied this downturn.
