Stellar XLM Falls 3% After Protocol 23 Upgrade
Stellar’s native token XLM slid 2.7% over 24 hours following the rollout of Protocol 23, dropping from $0.368 to $0.358 as resistance capped gains at $0.362. Despite the technical upgrade, bearish momentum intensified amid broader macroeconomic and geopolitical uncertainty. A $192,000 liquidation event on major exchanges highlighted institutional caution, while high intraday volume—peaking at 21.5 million versus a 16.2 million daily average—gave way to weakening demand. Technical indicators point to a fragile support zone between $0.30 and $0.32; a sustained break below this level could trigger further declines. Traders should monitor the $0.32–$0.30 range for potential rebounds or breakdowns, with market sentiment remaining risk-off.
Bearish
The failed Protocol 23 upgrade coupled with sustained selling pressure and a significant $192,000 liquidation event has reinforced bearish momentum for XLM. Resistance at $0.362 repeatedly capped attempts to rally, while a fragile support zone between $0.30 and $0.32 sets the stage for further declines if buyers do not step in. This mirrors past episodes—such as post-upgrade pullbacks on other networks—where technical milestones failed to counteract macro and institutional risk-off positioning. In the short term, traders are likely to remain cautious, watching for support tests; in the long term, renewed stability will depend on broader market sentiment and tangible adoption triggers.