Stellar (XLM) Soars By 17% In A Single Week, Can Bulls Keep Push To $1?

As the final crypto market experiences a slight achieve in complete market cap, Stellar (XLM) stands out with a considerable quantity of value improve over the past week. In line with data from CoinMarketCap, the XRP competitor is up by 17.61%, outperforming each different prime 100 cryptocurrency up to now seven days. 

XLM To Attain $1?

With XLM at the moment hovering across the $0.13 value zone, there are speculations on the subsequent motion. Curiously, a crypto analyst with the identify EGRAG CRYPTO on X (previously Twitter) predicts that XLM may rise to $1 if sure circumstances are met. 

In line with the analyst’s post on September 8, this bullish prediction is fashioned on a possible crossover between two technical indicators, particularly the 200-day Shifting  Common (MA)and the 21-day Exponential Shifting Common (EMA).

#XLM Heading for $1:

When the Bullish Cross happens on the weekly time-frame with the 21 EMA (Exponential Shifting Common) and the 200 MA (Shifting Common), I am anticipating a possible surge of roughly 500% 📈.

The chart under is exhibiting promising indicators that the subsequent… pic.twitter.com/33TrI2znLb

— EGRAG CRYPTO (@egragcrypto) September 8, 2023

To elucidate, the MA indicator displays the common value information over a particular time period, e.g., 200 days. It’s always up to date and can be utilized to determine commerce areas and acknowledge market developments.

However, The EMA performs an identical perform however with a give attention to newer value factors. Resulting from its technique of calculation, the EMA reacts to cost adjustments sooner than the MA. 

Based mostly on EGRAG CRYPTO’s prediction, if there may be an upward crossover of the 21 EMA and 200 MA on XLM’s weekly chart, there’s a chance the token may expertise a 500% value surge within the coming months, surpassing the greenback mark to commerce at $1.10. 

This prediction is especially based mostly on historic value information, as XLM witnessed an identical large value achieve when this crossover occurred between 2020 and 2021. 

Nevertheless, it’s price stating that each one predictions are speculations with out ensures and shouldn’t be relied on as funding recommendation. 

One other Partnership For Stellar?

In different information, the Stellar neighborhood seems to expect a large optimistic replace within the subsequent few days. On September 2, Stellar Improvement Basis shared with its crypto community that “One thing cool is dropping in 10 days”. 

One thing cool is dropping in 10 days.

Get able to gear up for a change that is received us all excited. Keep curious 😎 pic.twitter.com/CgNzfzwqmc

— Stellar (@StellarOrg) September 2, 2023

This announcement was effectively acquired, with the XLM token rising by 10% within the subsequent 24 hours. Curiously, some fans predict Stellar may announce a brand new partnership within the coming week.

The blockchain community has already collaborated with corporations reminiscent of American remittance agency MoneyGram and Circle, the corporate behind the USDC stablecoin. Actually, Stellar announced a minority funding in MoneyGram earlier in August. 

For now, it stays unknown what this new growth may very well be. Nevertheless, there may be the likelihood it may elicit some impact on XLM’s value trajectory.

On the time of writing, XLM is buying and selling at $0.132, having gone up by $0.132 within the final day. In tandem, the token’s day by day buying and selling quantity has gained by 21.33% and is valued at $119.14 million.

XLM buying and selling at $0.1308 on the hourly chart | Supply: XLMUSDT chart on Tradingview.com

Featured picture from Stellar, chart from Tradingview.