Stellar’s native token XLM has moved lower in early September, facing a decisive support test after a string of liquidations and weakening institutional demand. Between Sept. 3 at 15:00 and Sept. 4 at 14:00, XLM fell from $0.368 to $0.358, a decline of 2.72% inside a tight $0.012 trading range that reflected roughly 3.26% intraday volatility.
Sellers repeatedly rejected rallies near the short-term resistance at $0.362, while the $0.357–$0.358 area only offered brief relief. The technical pressure built through the Sept. 4 session despite Stellar’s Protocol 23 network upgrade on Sept. 3 — a milestone that did not provide a durable bullish catalyst amid a broader risk-off market tone.
Liquidity dynamics have amplified the pullback. On Sept. 2, roughly $192,000 in liquidations was recorded as XLM slid from the $0.40–$0.45 zone, and high-volume selling continued into Sept. 4, with a 13:00 session peak of 21.47 million that exceeded the 24-hour average of 16.23 million. Although volume later cooled from an intraday high near 28.5 million to about 16.7 million, the pattern points to fading buying conviction rather than a clean, capitulation-driven washout.
From a technical perspective, a break below the current $0.357 support would open a path toward the next demand band between $0.32 and $0.30. Conversely, a sustained move back above $0.362 on expanding volume and renewed institutional inflows would be required to shift the short-term bias toward neutral or bullish.
Macro forces matter here: geopolitical uncertainty and monetary-policy concerns have pushed larger players into risk-off postures, which can magnify crypto sell-offs even when protocol upgrades or positive on-chain metrics appear. Market risks are real — this is not financial advice, and digital-asset prices remain volatile and subject to rapid change.
Key levels to watch: $0.362 (near-term resistance), $0.357–$0.358 (current support), and $0.32–$0.30 (next demand zone). Source: CoinDesk. Read the original coverage for full details.