In the ever-evolving realm of cryptocurrency, Stellar’s native token, XLM, is capturing the attention of investors and enthusiasts alike. A well-respected crypto expert has forecasted a significant upward momentum for XLM, suggesting that the token could reach an impressive $2 by December 13, 2024. This prediction represents a staggering 350% increase in its current value, sparking interest and speculation across the market.
Expert Predicts XLM to Surge 350% to $2
While the recent sharp decline in XLM’s price might have disheartened some investors, experts consider it merely a temporary hurdle. The long-term outlook remains optimistic, with the predicted price target of $2 still firmly in sight.
Current Price Momentum
In recent days, XLM has faced a period of stagnation, with little to no significant price movements. However, a noteworthy shift occurred today as XLM experienced an impressive 5% surge within just 24 hours, bringing its price to approximately $0.437. Despite this upward trend, trading volume saw a decrease of 13%, indicating a potential decline in trader and investor participation compared to previous days. This fluctuation highlights an intriguing dynamic as the asset is still down by 13% over the past week.
XLM Technical Analysis and Upcoming Level
CoinPedia’s technical analysis provides further insights into XLM’s future trajectory. The analysis indicates a bullish price action pattern on the asset’s daily chart, hinting at a promising upward trend. The formation of a bullish flag-and-pole pattern suggests that XLM is currently consolidating near a potential breakout level.
If XLM successfully breaks out of this pattern and closes a daily candle above the $0.47 mark, it could initially ascend by 32% to reach the $0.63 level. Beyond this, the potential for a dramatic surge by 537% to hit $3.04 is also on the horizon, based on the observed pattern.
Adding to the positive outlook, XLM’s Relative Strength Index (RSI) remains below the overbought zone. This indicates that the asset has ample room for growth in the coming days, further bolstering the bullish sentiment.
$118 Million of XLM Outflow from Exchanges
On-chain metrics provide additional support for this optimistic forecast. According to Coinglass, an on-chain analytics firm, there has been a significant outflow of XLM from exchanges recently. Over the past 10 days, exchanges have witnessed an impressive outflow of $117.80 million worth of XLM. This outflow, which signifies the movement of assets from exchanges to personal wallets, is a strong indicator of bullish sentiment among investors.
This trend suggests a potential upside rally and presents an ideal buying opportunity for those looking to capitalize on XLM’s upward momentum. As the market continues to evolve, these insights may prove invaluable for investors seeking to navigate the dynamic world of cryptocurrency.
