XLM, Stellar’s native token, is poised for notable upside momentum, as predicted by a crypto expert in a recent post on X (formerly Twitter). On December 13, 2024, the expert boldly predicted that XLM could reach $2, representing nearly a 350% increase in value.
Expert Predicts XLM to Surge 350% to $2
However, experts believe the recent sharp price decline is just a temporary setback on the path toward XLM reaching $2.
Current Price Momentum
The past few days haven’t been favorable for XLM, as it hasn’t experienced any significant price changes. However, today the token saw an impressive price surge of over 5% in the past 24 hours. With this, the XLM price has now risen to the $0.437 level.
Despite the price increase, its trading volume dropped by 13% during the same period, indicating lower participation from traders and investors compared to the previous day. Data also shows that over the past 7 days, the asset is still down by 13%.
XLM Technical Analysis and Upcoming Level
In addition to this prediction and recent price performance, CoinPedia’s technical analysis suggests that XLM is demonstrating bullish price action on its daily timeframe. According to the XLM daily chart, it appears that the asset is forming a bullish flag-and-pole price action pattern and is currently consolidating near the breakout level.
Based on price action, if XLM breaks out of this pattern and closes a daily candle above the $0.47 level, there is a strong possibility it could initially rise by 32% to reach the $0.63 level. Furthermore, based on the pattern, XLM could potentially surge by 537% to reach the $3.04 level in the future.
On the positive side, XLM’s Relative Strength Index (RSI) remains below the overbought zone, indicating that the asset has sufficient room to rise in the coming days.
$118 Million of XLM Outflow from Exchanges
This bullish technical analysis is further supported by on-chain metrics. According to the on-chain analytics firm Coinglass, XLM’s spot inflow/outflow data reveals that exchanges have experienced a significant outflow of XLM in recent days. Over the past 10 trading days, exchanges have witnessed a substantial $117.80 million worth of XLM outflow.
In the cryptocurrency landscape, outflow refers to the movement of assets from exchanges to wallets, which signals bullish sentiment for the asset. This trend further suggests the potential for an upside rally and an ideal buying opportunity.
Source: https://coinpedia.org/news/xlm-price-prediction-could-stellar-hit-2-expert-insights/