Protocol 23 Upgrade Underwhelms, Stellar Retreats 3%
Stellar Slides as Protocol 23 Upgrade Fails to Lift Price
Stellar’s XLM token fell 2.7% over 24 hours to $0.358, extending its bearish trend. Price action remained within a $0.012 range, reflecting 3.26% volatility, as repeated attempts to break above $0.362 were rejected. Support near $0.357–$0.358 is weakening under sustained selling pressure.
The Sept. 3 Protocol 23 upgrade failed to spark a rally, while institutional demand remains muted. Earlier liquidations of $192,000 from the $0.40–$0.45 range highlight continued vulnerability.
Technical snapshot:
- Resistance: $0.362 remains intact.
- Support: $0.357–$0.358 fragile.
- Volume: Peaked at 21.47M on Sept. 4 13:00 UTC; now easing.
- Momentum: Downward trend accelerating, suggesting continued bearish bias.
XLM faces a critical test in the $0.32–$0.30 zone, where buying interest will likely determine near-term direction.
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