XLM, the native token of the Stellar network, is currently at an exciting point as it is poised for notable upside momentum. A crypto expert boldly predicted that XLM could reach $2, representing a significant 350% increase in value. While the recent price decline might have caused some concern, experts believe that it is just a temporary setback on the path towards XLM reaching $2.
Despite some unfavorable days, with no significant price changes, XLM recently saw an impressive price surge of over 5% in the past 24 hours, bringing the price to the $0.437 level. However, there was a drop in trading volume by 13%, indicating lower participation from traders and investors. Over the past 7 days, the asset is still down by 13%, but the recent price surge shows signs of potential upward movement.
CoinPedia’s technical analysis reveals that XLM is demonstrating bullish price action on its daily timeframe. The asset is forming a bullish flag-and-pole pattern and consolidating near the breakout level. If XLM breaks out of this pattern and closes a daily candle above the $0.47 level, there is a strong possibility it could rise initially by 32% to reach the $0.63 level. Based on the pattern, XLM could potentially surge by 537% to reach the $3.04 level in the future.
The Relative Strength Index (RSI) remains below the overbought zone, indicating that XLM has room to rise in the coming days. Additionally, on-chain metrics further support this bullish sentiment. Coinglass, an on-chain analytics firm, reported a significant outflow of XLM from exchanges amounting to $118 million over the past 10 trading days. This movement of assets from exchanges to wallets signals bullish sentiment for XLM and suggests the potential for an upward rally and an ideal buying opportunity.
In conclusion, XLM is showing promising signs of upward momentum with experts predicting a surge of 350% to $2. Despite recent price declines, the token experienced a significant price surge, indicating potential bullish movement. Technical analysis suggests that XLM is forming a bullish pattern and could see substantial gains in the future. On-chain metrics further support this potential rally, with a significant outflow of XLM from exchanges signaling positive sentiment for the asset. Investors and traders are eagerly watching XLM for potential lucrative opportunities in the near future.
