Stellar’s XLM Token Drops 6% as Institutional Selling Intensifies

Stellar’s XLM token got here below heavy institutional promoting strain between August 17 at 3:00 PM and August 18 at 2:00 PM, sliding from $0.43 to $0.41 in a 6% decline.

Trading volumes through the 24-hour interval topped $30 million, representing roughly 7% of each day turnover.

The most notable liquidation occasion occurred between 1:00 AM and three:00 AM on August 18, when institutional sellers offloaded greater than 60 million tokens. This selloff compelled XLM down from $0.42 to $0.41, creating robust resistance on the $0.42 stage and defining new assist close to $0.41.

Despite makes an attempt at restoration, the asset constantly didn’t breach the resistance zone, signaling persistent institutional bearishness and leaving XLM weak to additional draw back.

The closing buying and selling hour on August 18 added contemporary strain, as XLM registered a 1% drop between 1:21 PM and a couple of:20 PM. Institutional promoting accelerated between 1:31 PM and 1:42 PM, with company liquidations pushing costs from $0.41 to $0.41 on volumes exceeding 2.7 million models.

This flurry of exercise confirmed resistance at $0.41 and set a short-term assist flooring on the similar stage. Multiple restoration makes an attempt all through the hour have been met with renewed promoting strain, culminating in a stagnant shut round $0.41 with minimal quantity within the final 20 minutes.

The lack of shopping for curiosity highlights the potential for additional weak spot ought to sellers regain momentum.

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