Stellar’s XLM token faced pronounced bearish pressure over a 23-hour span between September 29 at 15:00 and September 30 at 14:00, falling 4% from $0.38 to $0.36. The decline came within a narrow $0.01 range, underscoring the token’s struggle to sustain momentum. Early resistance at $0.38, coupled with heavy trading volume of 38.6 million, signaled strong institutional selling, while a secondary rejection at the same level, with 18.6 million in volume, reinforced the bearish sentiment. Support emerged at $0.37 and $0.36, with the latter drawing considerable defensive buying late in the session as volumes spiked to 31.4 million. While the high-volume activity at $0.36 hints at accumulation, the broader market structure—defined by lower highs and lows—suggests the bearish bias remains intact. Breaching the psychological $0.37 threshold further cemented the case for extended downside pressure. XLM closed the 24-hour period with a failed recovery attempt at $0.37 in its final hour of trading, where volumes briefly surged before being rejected, sealing a 4% cumulative decline. Technical Indicators Summary Resistance established at $0.38 with elevated volume of 38.6 million indicating institutional selling pressure. Secondary resistance zone around $0.38 coincided with substantial volume activity of 18.6 million. Support levels emerged at $0.37 and $0.36 with high-volume defence during final trading hours. Technical breakdown below $0.37 psychological level confirmed bearish sentiment. Critical support breakdown occurred at 13:31 with elevated volume of 665,000. Zero volume at 14:07-14:08 suggests potential liquidity exhaustion. Pattern of lower highs and lower lows indicates sustained institutional distribution. Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards . For more information, see CoinDesk's full AI Policy .
