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Stellar (XLM) is on track to go parabolic with an imminent surge to an ambitious $5, according to trends spotted by top market analyst EGRAG.
Stellar is one of the digital currencies judged to be undervalued despite the unique value and enormous value it brings to the global payments landscape. In XLM’s bid to continue its uptrend, EGRAG pointed out the obvious ceiling reached in the previous bull market where the price crested at $0.80.
At the moment, Stellar has fallen by about 48.16% from the peak of $0.183 it touched in July 2023, a range EGRAG CRYPTO noted has placed the coin on track for its planned resurgence.
XLM to $5, What the Chart Says
EGRAG highlighted that the 48.16% drop in the price of XLM aligns with the coin’s four significant drops in its journey to retest its All-Time High (ATH) of $0.9381. These drops include 44.28%, 51.28, 48.67% and 43.3% plunges respectively averaging 47%.
#XLM Logarithmic $5, Non Logarithmic $1.5?
During the previous #BullRun, #XLM faced the challenge of not reaching a new all-time high (ATH), hovering around the $0.80 mark.
Throughout this journey, #XLM experienced four significant drops, averaging at about 47% (44.28%, 51.28,… pic.twitter.com/XAFVW1PB2b
— EGRAG CRYPTO (@egragcrypto) February 12, 2024
The analyst noted that the price slumps are not entirely bad, especially when they come during periods of upward trend. He pointed out that this is the point when investors are meant to buy the coin.
The chart presented by EGRAG CRYPTO shows the wave count which he noted will become clearer with time.
He postulated that a rally toward the $0.5 range for XLM might trigger more uptrends as it will strengthen the confidence in the potential of the wave count.
The analyst predicted that XLM, using the logarithmic measures, is poised to hit $5 in the long term and $1.5 using non-logarithmic measures.
Stellar Evolution and Partnerships
Stellar’s solution is designed for real-world applications, and the firm is inking many active partnerships to bring its products to more users globally. One of its partnerships is with Moneygram, the payments firm that has a significant market share in the United States.
Beyond these partnerships, Stellar is also evolving at a sporadic rate with one of its latest pushes being the Protocol 20 upgrade. The Upgrade, when launched on the mainnet will introduce smart contract capabilities to Stellar.
At the time of writing, Stellar’s price and market capitalization, per data from CoinMarketCap are up 0.42% to $0.1108 and $3,147,713,391, trading volume is up by 10.33% to $60,356,762