Stellar Lumens (XLM), the native cryptocurrency of the Stellar blockchain, could be on the verge of an incredible rally, according to prominent crypto analyst EGRAG CRYPTO (@egragcrypto).
The analyst believes XLM could surge as much as 2,922% to $3.5. This would represent a meteoric rise for XLM, which is currently trading at $0.1158.
#XLM The Power of Fib Circles 1.414 – Time to Fly:
Fib Circle 1.414 has historically been a key player in rejecting previous market tops, and it's repeating that trend now.
— EGRAG CRYPTO (@egragcrypto) November 26, 2023
EGRAG CRYPTO bases his bullish prediction on his analysis of XLM price action over the past few months. He has identified technical indicators suggesting that the cryptocurrency is ready to break out of its current trading range and embark on a sustained upward trend.
Recall that an ex-banker recently shared his views that XLM, alongside XRP would disrupt the world of payments. This surge predicted by EGRAG could be the first step.
Signs of an Impending Surge
One of the key indicators that EGRAG CRYPTO is watching is the Fib Circle 1.414. This is a technical analysis tool used to identify potential support and resistance levels.
EGRAG CRYPTO has observed that the Fib Circle 1.414 has consistently acted as a support level for XLM. He believes that this trend is likely to continue and that XLM is currently trading at a price close to the next Fib Circle 1.414 support level.
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Could XLM Reach $3.5?
Employing Fib retracement principles, the analyst identifies the Fib 0.702 range, specifically between 0.38c and 0.42c, as the initial target for XLM’s upward journey.
This range represents the first significant milestone on the cryptocurrency’s path toward the final target. This price range also represents a significant increase from XLM’s current price, but EGRAG CRYPTO believes it is achievable.
However, the analyst’s ultimate target for XLM is even more ambitious. With Fib Circle 1.414 providing a solid foundation, he envisions the digital asset embarking on a remarkable upward ascent, potentially reaching as high as Fib 1.618, which translates to an impressive $3.5.
Although there are no guarantees that XLM will reach these targets, the cryptocurrency market is notorious for shocking price surges. EGRAG CRYPTO’s analysis comes from a solid understanding of technical analysis and market trends, and his predictions could be close, if not exact.
Although EGRAG CRYPTO’s target is high, Google Bard, an AI-powered chatbot recently weighed in on the possibility of XLM reaching $0.5.