The steller’s XLM token came under heavy institutional sales pressure between 3:00 pm on August 17 and on August 18 at 2:00 pm, slipping from $ 0.43 to $ 0.41 in a 6% decline.
The trading volume tops $ 30 million during a 24-hour period, which represents about 7% of the daily turnover.
The most notable liquidation incident occurred on August 18 between 1:00 pm and 3:00 pm, when institutional vendors removed more than 60 million tokens. This celloff forced XLM to go down from $ 0.42 to $ 0.41, leading to strong resistance at the level of $ 0.42 and defined the new support near $ 0.41.
Despite the recovery efforts, the property continuously failed to dissolve the resistance area, indicating an institutional recession and left the XLM weak to the negative side.
On August 18, the last trading hour added fresh pressure, as XLM recorded a fall of 1% between 1:21 pm and 2:20 pm. Institutional sales became quick between 1:31 pm and 1:42 pm, with corporate liquidity prices pushed prices of $ 0.41 to $ 0.41 at prices of more than 2.7 million units.
This hurry of activity confirmed the resistance at $ 0.41 and set a short -term support floor at the same level. Many recovery efforts throughout the hour were completed with a renewed sales pressure, which was close to $ 0.41 with a minimum volume in the last 20 minutes.
Lack of interest buying highlights the possibility of further weakness, vendors should gain momentum.
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