XLM Plunges 5% as Key Support Levels Collapse

Critical support breakdown at $0.38 triggers institutional selling amid broader crypto market stress. Stellar’s XLM token extended its downturn over the past day, sliding 5% from $0.39 to $0.38 between October 8 at 15:00 and October 9 at 14:00. The selloff came amid heavy institutional activity, with volumes reaching 35.51 million — well above average levels — confirming strong distribution pressure. The breakdown below the key $0.38 support level marked a clear shift in sentiment as trading intensified within a narrow $0.019 range. Market structure analysis showed a descending channel pattern forming, with repeated rejections near $0.38 suggesting sustained bearish control. During the final hour of trading, from 13:13 to 14:12 on October 9, XLM shed another 1%, with significant volume spikes at 13:52 and 14:01 signaling coordinated institutional selling. Analysts said the move reflected continued liquidation across professional trading desks rather than short-term retail action. Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy. Critical support failure at $0.38 accompanied by institutional-grade volume of 35.51 million exceeding standard trading metricsEstablished downtrend pattern with successive lower highs indicating systematic institutional distributionResistance zone established at $0.39 where institutional selling consistently emerged during recovery attemptsAbove-average volume participation during price reversals confirming coordinated institutional distribution strategiesTechnical chart pattern shows descending channel formation with lower highs at key resistance levelsFailed recovery attempts near $0.38 consistently met with institutional supply indicating strong overhead resistanceVolume concentration during decline phases with 1.34 million at 13:52 and 1.43 million at 14:01 confirming institutional participationTechnical momentum indicators suggest continued downside pressure toward the $0.38 psychological support threshold https://www.coindesk.com/markets/2025/10/09/xlm-plunges-5-as-key-support-levels-collapse #crypto #bitcoin #ethereum #cryptocurrency #news #blockchain #litecoin #cryptonews #cryptonewstoday #cryptoworld #cryptonewstoday ***NOT FINANCIAL, LEGAL, OR TAX ADVICE! JUST OPINION! I AM NOT AN EXPERT! I DO NOT GUARANTEE A PARTICULAR OUTCOME I HAVE NO INSIDE KNOWLEDGE! YOU NEED TO DO YOUR OWN RESEARCH AND MAKE YOUR OWN DECISIONS! THIS IS JUST ENTERTAINMENT! This information is what was found publicly on the internet. This information could’ve been doctored or misrepresented by the internet. All information is meant for public awareness and is public domain. This information is not intended to slander harm or defame any of the actors involved but to show what was said through their social media accounts. Please take this information and do your own research. bitcoin, blockchain, crypto, cryptocurrency, altcoin, investment, ethereum, bitcoin crash, xrp, cardano, ripple