Stellar (XLM) is steadily gaining traction and appears primed for a significant surge in value. Against the backdrop of a bullish crypto market, where Bitcoin has shown remarkable resilience and shot up to $64,000, Ethereum is performing significantly by reaching the price of $3,499.00; XLM has been outstanding, among others.
XLM has experienced a modest increase in its value by almost 7% within the last week. At the time of writing, XLM is trading at $0.1246, with an impressive 63% surge in the trading volume over the past 24 hours. It now stands at $333.29 million with a market capitalization of $3.56 billion. In the last 24 hours, XLM’s price increased by 2%, proving its positive momentum.
Analyst Anticipates Stellar (XLM) hitting the $2 mark
Crypto analyst EGRAG CRYPTO has recently expressed an optimistic outlook for XLM, suggesting that the cryptocurrency could reach the $2 mark easily in the near future. The analyst compares it with previous market cycles and predicts a substantial percentage increase towards reaching the $2 target.
Their analysis is backed by a wave count shown in a chart, which adds to their positive view.’ Stellar gained a huge 2805.35% between points 1 and 2 and another 2804.74% from points 2 to 3.’ These numbers, along with specific price targets, show that Stellar has the potential for significant growth.
The analyst highlights the importance of XLM closing a monthly candle above the 21EMA (Exponential Moving Average) as an indication of potential price surges in the future and, therefore, predicts an exciting period for cryptocurrency. The analyst further states that XLM’s performance may shut up skeptics, indicating strong upward movement.
Stellar (XLM) Short-term Analysis
However, despite these positive forecasts, short-term analysis shows that XLM is moving downwards within a channel, which means that investors are gradually losing faith in it. This trend has been characterized by sustained sales at lower prices, raising concerns about where this currency is headed soon.
Neverthelass, there is still some hope in it even if the trend is downwards. A recent appearance of an inverse head and shoulders pattern broke through the resistance level of $0.12. According to estimates, a breakout above this resistance level means Stellar could go up to $0.13 or higher. Key support levels are $0.11, whereas resistance can be traced back to $0.14.
Moreover, there have also been fluctuations in trading volumes, which correspond with price movements, thereby indicating a possible weakening of the current downtrend or an early sign of a future reversal in the trend.
Even though XLM faces short-term hurdles, long-term prospects look optimistic due to bullishness by analysts and positive technical indicators that could see its value increase significantly in days and weeks ahead.