Stellar Slides on Exchange Deposits Surge Amid Positive Trend

The price of Stellar (XLM) fell to $0.216 on October 4, marking a 2.75% decline over 24 hours, according to recent market updates.

This drop follows a significant increase in exchange deposits, which rose by 160% compared to the previous period, as reported by U.Today.

The rise in exchange deposits could potentially lead to an increase in the supply of XLM, which may put downward pressure on the price. However, the trend structure remains positive, with the daily 12-period EMA standing above the 26-period EMA.

The immediate support level is at $0.2140, and if this level fails to hold, it could expose lower supports at $0.2119 and $0.2105.