Altcoins News: Stellar (XLM) Reverses Below $0.28 after Resistance Rejection—Support at $0.27 at Risk

Key TakeawaysXLM is trading at around $0.2704, reflecting weakness near its prior resistance zone. The token reversed from near the previously identified resistance at $0.2815, confirming short-term bearish momentum.Volume spiked notably at the rejection point, suggesting sellers stepped in assertively.Support is key around $0.2709–$0.2720; a break below could open further downside risk.Price Update & Market ContextStellar (XLM) is currently trading near $0.2704, according to recent data. Earlier, the token had approached the resistance level near $0.2815, but encountered selling pressure and pulled back to $0.2727, as documented in the prior report. The updated price confirms the down-move and illustrates that the resistance has held firm.Details of the Reversal & Volume ActivityIn the earlier movement, XLM slid from approximately $0.2789 down to $0.2727, establishing a lower-high formation and reinforcing a short-term downtrend. At the reversal zone near $0.2815, trading volume reportedly surged by about 62% above average, with 42.6 million tokens changing hands.While I cannot independently verify the exact 42.6M figure, recent volume data indicates elevated trading activity for XLM. For example, one source records daily trading volume of ~$147-181 million for XLM. The combination of high volume at resistance and a failed breakout suggests institutional or large-scale selling pressure, reinforcing the bearish bias.Support, Resistance & Technical OutlookResistance: ~ $0.2815 — the prior breakout attempt zone.Support: ~$0.2709–$0.2720 — key pivot area. Secondary psychological floor at ~$0.27.A clear break below ~$0.2709 could expose further downside, possibly toward the ~$0.26 region or lower.Conversely, a convincing breakout above ~$0.2815 (on volume) would be needed to invalidate the bearish setup.