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.
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.
Read Also: Google Bard Sets Stellar Lumens (XLM) Price For October 1 With Three Key Reasons
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.
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.
Read Also: Here’s What ChatGPT Said About Possible Stellar (XLM) Price Trend By End of 2023
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.
Follow us on Twitter, Facebook, Telegram, and Google News
Price predictions are increasingly becoming an intrinsic feature in the crypto landscape, and a famous…
In 2014, Ethereum’s Initial Coin Offering (ICO) took the world of cryptocurrency by storm, raising…
Shiba Inu is experiencing a surge in market activity, capturing attention with approximately 17 trillion…
Crypto chartist CryptoAmsterdam recently advised Shiba Inu (SHIB) investors to view every price dip as…
David Schwartz, Ripple’s Chief Technology Officer, recently highlighted significant distinctions between contracts and “reasonable reliance,”…
Bitcoin's recent all-time highs have brought the cryptocurrency market to a crucial turning point that…