Stellar (XLM) Enters Bull Market: Potential 350% Surge
Stellar (XLM) is showing signs of entering a new bull market, with the potential for a significant surge in price. The altcoin has a positive trading history and has consistently ranked high in the cryptocurrency market.
Key Points:
– Long-term analysis indicates that XLM could surge as much as 350% in the coming months.
– The monthly chart of XLM price reveals a bullish outlook, with two previous bull markets reaching high valuations.
– The target of the next bull market is the $0.53 area, representing a 350% increase from the current valuation of $0.12.
– The ascending long-term support line and hidden bullish divergence further support a bullish trend for XLM.
– Market analyst @PUKACharts provides additional arguments for an imminent breakout, including a breakout above the 10-month SMA and bullish signals on the MACD and OBV indicators.
XLM Price Prediction: Nearest Resistance at $0.24
On the weekly chart, the bullish signals from the monthly timeframe are confirmed. The recent decline in the cryptocurrency market has led to a correction in the XLM price, but it is currently at the 0.618 Fib retracement level, which usually serves as support.
Key Points:
– The XLM price has validated the horizontal support area at $0.11, which has previously acted as both resistance and support.
– If a bounce occurs, the next resistance level is at $0.24, marking the close of the weekly candle from March 2022.
– If a breakdown occurs, the Stellar price may retest the long-term rising support line around $0.08.
– The RSI remains above the key 50 level, indicating a potential bullish trend reversal if it remains above this level.
Hot Take: Stellar (XLM) Shows Promise for Price Reclamation
Stellar (XLM) is displaying strong bullish signals and has the potential for a significant price surge. With historical data and technical analysis supporting this trend, it is possible that XLM could reclaim a price of $0.50. Crypto investors should keep a close eye on XLM as it enters the bull market phase.
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