Stellar’s native token XLM posted sharp intraday swings over the latest 24-hour cycle, trading in roughly a $0.017 band — about a 4.3% range — between $0.379 and $0.396. The most notable push began around midnight on Sept. 11, when the price climbed from $0.384 to an intraday high of $0.396 by mid‑morning.
The advance coincided with an outsized surge in activity: a roughly 112.18 million unit volume spike around noon, significantly above typical daily averages. That kind of volume is often associated with institutional participation or concentrated trading interest, but in this case it did not immediately translate into a sustained breakout past short-term technical ceilings.
Sellers repeatedly stepped in near the upper band, creating a clear resistance zone around $0.394–$0.396. After each test the token retreated, settling close to $0.387 and confirming selling pressure at those levels. Meanwhile, accumulation clustered in the $0.379–$0.381 area, establishing an observable support base that could limit downside if buying interest resumes.
In a tighter window between 1:14 and 2:13 p.m. on Sept. 11, XLM compressed into a narrow $0.003 range between $0.386 and $0.389. Two short-lived bullish bursts briefly lifted the price to $0.389 on strong volume but were quickly rejected, reinforcing that level as a near-term ceiling.
Broader market conditions — including increased institutional flows and general crypto sentiment — likely amplified the price move but didn’t change the technical picture. Large volume spikes without follow-through often signal short-term accumulation followed by distribution as traders lock profits. For investors, that means watching order-book depth and whether volume sustains: a volume-backed breakout above resistance with falling selling at highs would confirm a bullish shift; absent that, expect chop and range-bound action.
What traders should watch next: a decisive flip that turns $0.389 into support could open the path to retest the $0.394–$0.396 zone with higher odds of a sustained breakout. Conversely, failure to hold the $0.379–$0.381 support band would increase the likelihood of deeper pullbacks and further distribution pressure.
Risk note: this short-term snapshot highlights active interest but also elevated volatility. High-volume spikes can signal institutional activity but also rapid distribution; position sizes and risk controls should reflect XLM’s intraday volatility.
Source: CoinDesk. Read the original coverage for full details.