According to closely followed crypto analyst EGRAG CRYPTO, the native cryptocurrency of the Stellar blockchain, Stellar Lumens (XLM), may be preparing for an incredible rally.
Analyst’s XLM Prediction
The analyst stated that XLM could experience an increase of 2,922% to $3.5. This potential rise could represent a dramatic surge for XLM, which is currently trading at $0.1158.
EGRAG CRYPTO has published an analysis on the topic. The analyst bases his bullish prediction on the recent price movements of XLM over the past few months. He expressed the view that the cryptocurrency is ready to break out of its current trading range and start trading in a consistent uptrend.
It may be useful to recall that a former banker recently shared his views that XLM, along with XRP, would revolutionize the payment and banking system. The price movement predicted by EGRAG could be the first step of this rise. A Ripple official also recently
One of the main indicators EGRAG CRYPTO follows is the Fib Circle 1.414. It is a technical analysis tool used to identify potential support and resistance levels.
EGRAG CRYPTO shows that the Fib’s 1.414 level has consistently served as a support level for XLM. The analyst, pointing out that this trend could continue, also mentioned that XLM is currently trading near the next Fib Circle 1.414 support level.
Can XLM Reach $3.5?
In his analysis, the analyst faithfully adhered to Fib correction principles, marking the Fib 0.702 range as the first target of XLM’s upward journey. This price level could represent the first significant point on the cryptocurrency’s path to higher levels in the coming period.
However, the analyst’s final price target for XLM was indicative of even greater hopes. With the solid foundation provided by the Fib 1.414 level, the analyst suggested that the crypto asset has started a notable rally and could potentially reach up to Fib 1.618, which would bring the $3.5 level after an incredible rise.
While there is no certainty whether XLM will reach this price level, the cryptocurrency market is known for shocking price movements.
Disclaimer: The information in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry risks due to their high volatility and should conduct their transactions based on their own research.
- Stellar Lumens (XLM) might be rallying.
- Analyst predicts a significant rise.
- Market known for unexpected moves.
