Stellar has seen remarkable gains over the past month, rising over 209% amid a broader market recovery. Despite this impressive performance, some analysts believe the cryptocurrency has the potential to achieve even higher milestones.
EGRAG CRYPTO, a well-known market analyst, recently shared insights suggesting that XLM could climb to $2, representing a 371% increase from its current price levels.
#XLM – The Squeak Update!
We’ve just touched the Mouse’s Moustache 🐁, and now it’s time to build momentum! Here’s what we’re watching:
🔄 Next Steps: Retest the EMAs and push for a close above the Mouse’s Ears.
🎯 Target: The Ears are sitting pretty at $2!#XLM WILL MAKE THE… pic.twitter.com/vraxwsML4l— EGRAG CRYPTO (@egragcrypto) December 13, 2024
Stellar (XLM) Path to $2
EGRAG CRYPTO outlined his bullish outlook for Stellar (XLM) in a post on X, citing a key technical pattern as the basis for his prediction. He referenced a significant event in 2020 when the asset broke above its exponential moving average (EMA) on the two-week chart. Following that breakout, the asset experienced a dramatic rally, gaining over 3,100% to reach $0.80.
The analyst noted that Stellar (XLM) once again broke above this same EMA in 2023, showing the possibility of a similar upward growth. Based on historical performance and current charts, he set a potential target of $2.27 for the digital asset.
As of now, the token is trading at approximately $0.4134 and reaching the $2 target would require a 360% increase from its current price.
Price Action and Resistance Levels
While EGRAG is confident in XLM’s potential, he emphasized that the journey to $2 will not be immediate or without obstacles. In a follow-up post, he provided a detailed roadmap for how the asset could achieve this milestone.
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The analyst suggested that XLM’s first major test will be breaking its all-time high of $0.90. Once this resistance is cleared, he expects the price to retrace slightly before climbing to $1.20 and beyond. This prediction is based on XLM’s weekly price action, which positions the asset in the middle of an ascending channel.
EGRAG highlighted that the $0.90 level represents a strong resistance zone and will likely serve as a key inflection point. If the asset successfully breaks through this barrier, it could set the stage for further gains.
Stellar’s Strong Momentum
The asset’s recent performance has been part of a broader bullish trend in the cryptocurrency market. Over the past 30 days, the asset has delivered substantial returns to investors, fueling optimism about its long-term potential. Analysts like EGRAG believe the ongoing rally and favorable technical indicators provide a solid foundation for continued growth.
While the path to $2 may be gradual, the projection underscores the strong momentum behind the token and its potential to deliver significant returns. Investors will likely monitor resistance levels and market conditions closely as the asset attempts to reach new heights.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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