Prominent cryptocurrency analyst EGRAG CRYPTO (@egragcypto) recently sparked excitement among Stellar (XLM) holders with a post highlighting a potential price upswing. He presented deep technical analysis with an accompanying chart, exploring the significance of “The Blue Line” and its role in a possible bullish scenario for XLM.
The Blue Line
EGRAG CRYPTO emphasizes the importance of The Blue Line which is a crucial level XLM is heading toward. According to his chart, The Blue Line sits at $0.1725, with XLM’s price just shy of it at $0.114.
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The analyst suggests that a price push near The Blue Line could indicate a bullish breakout. If the price of XLM climbs towards this line and surpasses it, it might signal a shift in momentum from bearish to bullish.
XLM is already making waves in other aspects of blockchain technology, and investors are confident that a breakout is imminent. This breakout will occur because a breakout above a resistance level can attract buyers who believe the uptrend will continue.
#XLM THE BLUE LINE:#XLM Bulls! Keep an eye on "The Blue Line" because if we push near it, we could see a strong move upwards. Our initial target? Fib 0.702, which is in the 40c range.
Also, we need to break out of the Descending Channel. If we break out upwards, it could align… pic.twitter.com/kscGTOyAmK
— EGRAG CRYPTO (@egragcrypto) April 27, 2024
Target Levels
EGRAG CRYPTO mentions an initial target of $0.3863, which aligns with the 0.702 Fibonacci retracement level. Fibonacci retracement levels are a technical tool used to identify potential support and resistance zones.
These levels are calculated based on historical price movements and the theory that prices tend to retrace a certain percentage of a previous move before continuing their direction.
The analyst also mentions the need for a breakout from a Descending Channel. The chart shows that XLM has fallen into the chart but is very close to the upper trendline, and a move to EGRAG CRYPTO’s blue line target will cause a decisive breakout.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
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Even More Bullish Targets
The analyst mentions even more ambitious targets based on Fibonacci extensions. These extensions project potential future price movements based on the same Fibonacci ratios used in retracement levels. The analyst highlighted the 1.414 and 1.618 Fibonacci extension levels on his chart, which translate to a staggering $2.168 and $3.5539, respectively.
These are very high targets, exceeding XLM’s all-time high of around $0.9, and reaching such levels would require a sustained and significant bullish trend. Analysts are confident that a sustained bull run is coming, and AI chatbots have also predicted a bullish 2024 for XLM, bolstering the bullish sentiment in the market.
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