Stellar Encore: XLM's DTCC High Note Hits a 37% Off-Key 🥁

Stellar [XLM] has retraced 37.8% from its late-May peak, sliding from $0.297 to below $0.20 after a 102% rally sparked by the Depository Trust and Clearing Corporation's selection of the network for tokenisation plans. The pullback has coincided with a 6.38% decline over the past 24 hours, while open interest has dropped 9.2% alongside a spike in daily trading volume, patterns associated with heavy selling activity and panicked positioning.

The spot taker cumulative volume delta, which tracks aggressive buying and selling over a three-month window, has shifted from a buyer-dominant phase into a more neutral stance. With Bitcoin [BTC] hovering near the $60,000 level, directional cues for XLM have remained limited. From February onward, the token had largely traded within a $0.143 to $0.183 corridor before the May breakout, which disrupted the prior bearish structure and the range itself.

At press time, the former range high at $0.183 was being retested as support, with the 78.6% retracement of the bullish swing at $0.173 cited as an additional support level. The Chaikin Money Flow indicator sat in neutral territory, indicating balanced capital flow, while the Accumulation/Distribution line has slid to recent lows and the Relative Strength Index has trended below the neutral 50 mark, pointing to seller control in the near term.

The $0.183 zone produced a bounce on June 5, though that move failed to extend beyond $0.218 before resuming its decline, a pattern that has left the short-term structure favoring bears. The structure-breaking rally tied to the DTCC announcement has continued to retrace, and the next directional move for XLM remains to be confirmed.