Stellar (XLM) has shown a promising technical breakout, indicating a potential surge in its price towards $0.47. The renowned cryptocurrency analyst, Egrag Crypto, highlighted in his recent X post that XLM has successfully emerged from an ascending triangle pattern, a classic bullish indicator in the crypto trading world.
After this breakout, XLM is undergoing a retest of the breakout level, setting the stage for an anticipated bullish trajectory. Egrag Crypto’s analysis suggests that the price of XLM could reach a target range set between the Fibonacci retracement levels of 0.702 to 0.786, translating to a price bracket of $0.38 to $0.47. This represents a notable rise and signals significant upward potential for the cryptocurrency.
Moreover, the analysis sets higher Fibonacci targets at 1.236, 1.414, and 1.618, deemed key levels for traders to consider for profit-taking. The potential for gains is substantial, with XLM poised to surpass these levels and achieve even higher valuations.
The analyst speculates that once XLM crosses the Fibonacci level of 1.618, it could catapult even further, metaphorically ‘reaching for the stars’ and soaring beyond typical trading expectations. This optimistic forecast paints a picture of a Stellar that is not just climbing but potentially skyrocketing in the near future.
As of press time, XLM is trading at $0.1164, reflecting a modest daily gain of 0.35% and an impressive weekly increase of 8.14%. Over the past 24 hours, the trading volume for XLM has reached $70,707,579, indicating active participation and interest in the market.
In a bold statement reflecting confidence in the digital asset’s future, the analyst remarked that XLM’s upcoming performance would likely silence skeptics and convert non-believers. He suggested that its trajectory will make doubters ‘squeak’ as it ascends.
This analysis comes when the cryptocurrency market evolves rapidly, with investors and traders keenly watching technical indicators and expert forecasts to make informed trading decisions. The insights provided by analysts about Stellar offer a glimpse into what might be a very lucrative phase for the digital currency, assuming the market conditions align with these technical predictions.
