XLM Price Prediction, Could Stellar Hit $2? Expert Insights
Stellar’s native token, XLM, is about to see significant upward momentum, as one cryptocurrency expert predicted in a recent post on X (formerly Twitter). On December 13, 2024, experts boldly predicted that XLM could reach $2, an increase of nearly 350% in value.
Experts predict XLM will surge 350% to $2
However, expert It is believed that the recent sharp price drop is just a temporary setback on XLM’s path to $2.
Current Price Momentum
The past few days have not been favorable for XLM as it did not experience any major price changes. However, today the coin’s price has surged an impressive 5% in the past 24 hours. With this, XLM price has now risen to the $0.437 level.
Despite the price increase, trading volume fell by 13% during the same period, indicating that trader and investor participation was lower than the previous day. The data also shows that the asset is still down 13% over the past seven days.
XLM Technical Analysis and Upcoming Levels
In addition to this prediction and recent price performance, technical analysis from CoinPedia suggests that XLM is exhibiting bullish price action on its daily timeframe. according to XLM Looking at the daily chart, the asset appears to be forming a bullish flagpole price action pattern and is currently consolidating near breakout levels.
Based on the price action, if XLM breaks out of this pattern and closes the daily bar above the $0.47 level, it has a high chance of rising by 32% to $0.63 levels initially. Furthermore, according to this model, XLM could surge 537% to reach $3.04 levels in the future.
On the positive side, XLM’s relative strength index (RSI) remains below overbought territory, suggesting the asset has plenty of room to rise in the coming days.
$118 million of XLM flows out of exchanges
This bullish technical analysis is further supported by on-chain indicators. XLM spot inflow/outflow data shows that exchanges have experienced significant outflows of XLM in recent days, according to on-chain analytics firm Coinglass. Over the past 10 trading days, the exchange has witnessed massive outflows of $117.8 million worth of XLM.
In the cryptocurrency world, outflows refer to the movement of an asset from exchanges to wallets, signaling bullish sentiment for the asset. This trend further indicates the potential for an upward rebound and an ideal buying opportunity.
