Stellar (XLM) Soars By 17% In A Single Week, Can Bulls Maintain Push To $1?
As the general crypto market experiences a slight gain in total market cap, Stellar (XLM) stands out with a substantial amount of price increase over the last week. According to data from CoinMarketCap, the XRP competitor is up by 17.61%, outperforming every other top 100 cryptocurrency in the past seven days.
XLM To Reach $1?
With XLM currently hovering around the $0.13 price zone, there are speculations on the next movement. Interestingly, a crypto analyst with the name EGRAG CRYPTO on X (formerly Twitter) predicts that XLM could rise to $1 if certain conditions are met.
According to the analyst’s post on September 8, this bullish prediction is formed on a potential crossover between two technical indicators, namely the 200-day Moving Average (MA)and the 21-day Exponential Moving Average (EMA).
#XLM Heading for $1:
When the Bullish Cross occurs on the weekly time frame with the 21 EMA (Exponential Moving Average) and the 200 MA (Moving Average), I’m anticipating a potential surge of approximately 500% 📈.
The chart below is showing promising signs that the next… pic.twitter.com/33TrI2znLb
— EGRAG CRYPTO (@egragcrypto) September 8, 2023
To explain, the MA indicator reflects the average price data over a specific period of time, e.g., 200 days. It is constantly updated and can be used to identify trade areas and recognize market trends.
On the other hand, The EMA performs a similar function but with a focus on more recent price points. Due to its method of calculation, the EMA reacts to price changes faster than the MA.
Based on EGRAG CRYPTO’s prediction, if there is an upward crossover of the 21 EMA and 200 MA on XLM’s weekly chart, there is a possibility the token could experience a 500% price surge in the coming months, surpassing the dollar mark to trade at $1.10.
This prediction is mainly based on historical price data, as XLM witnessed a similar massive price gain when this crossover occurred between 2020 and 2021.
However, it is worth stating that all predictions are speculations without guarantees and should not be relied on as investment advice.
Another Partnership For Stellar?
In other news, the Stellar community appears to be expecting a massive positive update in the next few days. On September 2, Stellar Development Foundation shared with its crypto community that “Something cool is dropping in 10 days”.
Something cool is dropping in 10 days.
Get ready to gear up for a change that’s got us all excited. Stay curious 😎 pic.twitter.com/CgNzfzwqmc
— Stellar (@StellarOrg) September 2, 2023
This announcement was well received, with the XLM token rising by 10% in the next 24 hours. Interestingly, some enthusiasts predict Stellar could announce a new partnership in the coming week.
The blockchain network has already collaborated with companies such as American remittance firm MoneyGram and Circle, the company behind the USDC stablecoin. In fact, Stellar announced a minority investment in MoneyGram earlier in August.
For now, it remains unknown what this new development could be. However, there is the possibility it could elicit some effect on XLM’s price trajectory.
At the time of writing, XLM is trading at $0.132, having gone up by $0.132 in the last day. In tandem, the token’s daily trading volume has gained by 21.33% and is valued at $119.14 million.
XLM trading at $0.1308 on the hourly chart | Source: XLMUSDT chart on Tradingview.com
Featured image from Stellar, chart from Tradingview.