Stellar’s XLM token showcased notable resilience over the past 24 hours, beginning at $0.36 and reaching as high as $0.37 before settling back to $0.36. This price movement represented a 5% intraday range, driven by significant trading activity indicative of increased market participation. Throughout the evening session on September 4, XLM found a strong support level at $0.35, with buying momentum confirmed by trading volumes surpassing 16.9 million tokens.
On September 5, trading activity surged as XLM broke through the key resistance at $0.36, with volumes spiking to 28.03 million at 07:00 and an exceptional 82.75 million at midday. This increased demand propelled the token to its daily high of $0.37, marking a crucial test of bullish momentum. However, a sharp selling wave late in the session erased these gains, bringing the price back down to $0.36.
Despite the late-session retraction, XLM closed 1% above its opening value, suggesting a broadly bullish technical structure. This price action is part of a larger trend: over the past year, Stellar has achieved an impressive 288% gain, attracting institutional interest as upgrades like Protocol 23 and improvements in cross-border payment solutions enhance its long-term fundamentals.
Nonetheless, the competitive landscape remains challenging. The emergence of PayFi platforms poses significant competition for Stellar’s market share, introducing external pressures even as trading volumes indicate strong engagement among traders. Presently, the combination of solid support levels and heightened demand offers a positive outlook, although volatility is expected to characterize near-term price movements.
Technical indicators for XLM/USD reveal a mixed picture. A strong support foundation was established at $0.35, backed by solid trading volume during the evening of September 4. The breakout above $0.36 was facilitated by exceptional volume expansion during both the morning and midday trading intervals on September 5. However, the late-session reversal, coupled with a significant increase in selling activity, highlighted the ongoing volatility in the market.
Despite the pronounced pullback at the close, the underlying bullish framework for XLM appears to remain intact, suggesting potential for continued interest and engagement in the near future.
