The cryptocurrency market has seen a recent uptick in total market capitalization, and one digital asset that has truly stood out is Stellar (XLM). Over the past week, XLM has surged by a remarkable 17.61%, outperforming all other cryptocurrencies within the top 100, according to data from CoinMarketCap. This surge in price has sparked speculation and excitement within the crypto community about the potential for XLM to reach $1. But before we delve into these predictions, let’s take a closer look at what’s been happening.
XLM’s Impressive Gains:
As of the latest data, Stellar (XLM) is currently trading around the $0.13 price range. However, the big question on everyone’s minds is whether it can reach the coveted $1 mark. Crypto analyst EGRAG CRYPTO, known for insightful predictions, has suggested that this milestone could be within reach under specific conditions.
EGRAG CRYPTO’s prediction hinges on a crucial technical analysis involving the 200-day Moving Average (MA) and the 21-day Exponential Moving Average (EMA). Here’s how these indicators play a pivotal role:
- 200-day MA: This indicator reflects the average price data over a longer time frame (200 days) and is used to identify trends in the market.
- 21-day EMA: In contrast, the EMA focuses on recent price points and reacts faster to price changes due to its calculation method.
The Crossover Effect:
EGRAG CRYPTO suggests that if there’s an upward crossover of the 21 EMA and the 200 MA on XLM’s weekly chart, there’s potential for a substantial price surge. In fact, this crossover has historically triggered significant price gains for XLM, as observed between 2020 and 2021.
While these predictions are exciting, it’s important to remember that all such forecasts are speculative in nature and should not be considered as investment advice. Crypto markets are highly volatile, and prices can change rapidly.
Anticipating Stellar’s Next Move:
In addition to the price surge, the Stellar community is eagerly awaiting a major update. Stellar Development Foundation hinted at something significant coming in just 10 days, causing a 10% uptick in XLM’s value within 24 hours of the announcement.
Many enthusiasts are speculating that this development could be a new partnership. Stellar has a track record of collaborating with key players in the crypto and financial industry, including MoneyGram and Circle, the company behind the USDC stablecoin. In fact, Stellar recently made a minority investment in MoneyGram.
The exact nature of this upcoming development remains a mystery, but it could potentially impact the trajectory of XLM’s price.
As of the latest update, XLM is trading at $0.132, having risen by $0.132 in the last day, with a daily trading volume increase of 21.33% to $119.14 million. The crypto community is watching Stellar closely, anticipating both its potential price rally and the exciting announcement on the horizon.