Stellar Lumens (XLM) climbed about 3% over a 24‑hour period as buyers absorbed selling pressure and trading volumes picked up. Between Sept. 1 at 15:00 UTC and Sept. 2 at 14:00 UTC the token traded around $0.36 with roughly 5% intraday volatility, signaling active participation from larger holders.
The move found a firm floor at $0.35 after a brief selloff, then consolidated in the $0.36 area. Resistance has formed near $0.37, where the market recorded two rejection attempts. Volumes ran above the 24‑hour average of 31.2 million XLM, and a late‑session spike of about 2.7 million units at 14:00 UTC helped XLM briefly pierce $0.37 before settling back above $0.36.
Major South Korean exchanges Bithumb and Upbit said they will suspend XLM deposits and withdrawals from Sept. 3 at 09:00 UTC to prepare for Stellar’s Protocol 23 upgrade. Protocol 23 is intended to modernize the network and expand interoperability — part of a broader push to support real‑world assets on Stellar, roughly $460 million of which are already circulating on the network.
Market structure shows systematic accumulation around $0.36 and an ascending channel that supports a constructive bias while price holds above support. CoinDesk Data’s technical models note ongoing institutional positioning; however, a decisive breakout above $0.37 will likely require sustained volume validation rather than price action alone.
What traders should watch
Volume: Sustained volumes above the daily average would confirm buying interest and increase the chance of a breakout.
Price levels: $0.35 is the primary support; a confirmed close above $0.37 would mark short‑term bullish momentum.
Network upgrade: Monitor exchange notices — deposit and withdrawal suspensions are temporary but can affect liquidity and intraday trading behaviour.
Risk note: Short‑term crypto price moves can be volatile and influenced by exchange maintenance or protocol upgrades. Traders should manage position size, use stop‑losses and avoid assuming past performance predicts future returns.
Source: CoinDesk. Read the original coverage for full details.