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- Stellar Lumens (XLM) is expected to embark on a significant price surge from the current level to $2 as it mimics a 2020 price behavior that saw the asset surging by 3000%.
- Another analyst has pointed out the formation of a “dangerous” pattern that could push the asset down the price curve.
Stellar Lumens (XLM) has made impressive gains in the current cycle, printing a 172% surge on the monthly price chart and a 342% upsurge on the 90-day price chart. According to our market data, the asset is currently the 17th largest crypto with a market cap of $12.7 billion, trailing Polkadot (DOT) by $1 billion. Meanwhile, an analyst believes that this is just the beginning of an upcoming explosive run.
Analyst EGRAG CRYPTO explained his thesis by revealing that XLM is mimicking a 2020 price movement in which it broke above its Exponential Moving Average (EMA) on a two-week price chart. Historical data confirmed this: The asset surged by 3,100% after breaking this channel to hit $0.80. A similar setup played out in 2023 when XLM broke out from an EMA.
According to EGRAG CRYPTO, the asset is poised for a $360% uptick to hit $2.27 in the next breakout.
We’ve just touched the Mouse’s Moustache, and now it’s time to build momentum! Here’s what we’re watching: Next Steps: Retest the EMAs and push for a close above the Mouse’s Ears. Target: The Ears are sitting pretty at $2.
More on the XLM Price Analysis
Throwing more light on this prediction, EGRAG CRYPTO cautioned that the journey from the current price of $0.42 to $2 would be full of resistance and corrections. In another post, EGRAG CRYPTO reminded the XLM community of his previous prediction that estimated a 50% correction. According to him, the asset has recorded a 44% correction so far. This implies that there could be one more “healthier” pullback before the massive take-off.
In the near term, the analyst believes that XLM could breach its all-time high and touch $0.90 before targeting the $1 psychological level. From this level, the asset could witness a temporal retrace before making a “final push” to $2 or $3.
#XLM Interstellar – Time To Retrace (UPDATE)🌌 I hate to say “I TOLD YOU SO” 😎, but since my last post on November 24th, 2024, I mentioned #XLM would correct 50%. So far, it’s corrected 44%, which is right in the expected range 📉. However, one more wick down would be healthier… https://t.co/Kpqd6mgpRV pic.twitter.com/ukhWUfAXmW— EGRAG CRYPTO (@egragcrypto) December 13, 2024
Another Analyst Speaks on Stellar Lumens
According to analyst Rose Premium, XLM could double its current value to hit $0.98. However, this prediction is subject to sustained momentum and continuous control by bulls above the $0.40 level. According to Rose Premium, a decline below this level could cause XLM to fall by 35% and reach the $0.3235 level.
Meanwhile, XLM has been spotted to be forming a popular bullish pennant pattern, signaling a bullish extension. Specifically, this pattern is marked by a long vertical line and a symmetrical triangle. Once the asset rises above the $0.6355 level, more upside could be confirmed. In this case, XLM could target the $0.7960 level before advancing towards the $1 psychological level.
On the other hand, XLM has also formed a hanging man candlestick pattern made up of a long lower shadow and a small body mostly formed at the upper side of a trend. According to analysts, this formation implies that XLM could move “south” if bears force the asset below its lower side.