Stellar Edges Lower 0.4% to $0.3123 as Partnership News Surfaces

XLM traded lower during the session on Tuesday, falling from $0.3137 to $0.3123 during the 24 hours ending on October 23rd at 14:00 UTC. The token traded in a narrow range of $0.0132 (4.2%), reflecting a volatile but range-bound behavior.

A surge in volume of 62.1 million – 180% above average – triggered a sell-off from $0.3081 to critical support at $0.3027 at 21:00 on October 22, setting the bottom of the current trading range.

Despite the brief recovery, Stellar faced persistent technical resistance. Prices bounced towards $0.3160 ​​and consolidated above $0.3120 before forming a double top pattern at $0.3147, signaling exhaustion.

The last hour saw renewed selling pressure with a dip below $0.3131, confirming range-bound momentum and near-term weakness.

The market sentiment was mainly influenced by the news of cooperation between Ripple and Stellar, highlighting humanitarian and payment cases. Analysts, including ProfRippl, noted their joint involvement with the International Rescue Committee – Ripple focusing on donation services and Stellar on distributing cash through the Aid Assist program.

XLM Technical Overview

• Support and resistance
  • Strong support on $0.3027confirmed by high-volume test.
  • Resistance on $0.3147 (double top formation) sa secondary barrier on $0.3160.
• Volume analysis
  • 62.1 million volume peak (≈180% above SMA). key support almost $0.3027.
  • 619.7 thousand increase in the last trading hour marked split below $0.3131.
• Chart patterns
  • Reversal with a double top completed for $0.3147.
  • The price remains scope bound between $0.3027 (support) and $0.3160 ​​(resistance).
• Objectives and risk/reward
  • Break below $0.3027 could extend the losses towards the lower limits of the range.
  • Get back $0.3147 need to be tested $0.3160 resistance and open potential up.

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