- The Stellar (XLM) project is expected to achieve a notable price of $2, marking a 350% increase.
- Currently, the token is trading at $0.373 with a market cap of $11.26B.
- Crypto analysts’ predictions increased investors’ confidence in the project, thereby achieving increased attention.
The Stellar has achieved increased visibility within the crypto market with notable upward traction. XLM token made impressive gains with a 172% increase on the monthly chart and a 342% rise on the 90-day price chart. According to current market data, XLM is the 17th largest crypto with a market cap of $12.7 billion, and currently, it is priced at $0.373.
According to analyst Egrag Crypto, Stellar Lumens (XLM) is in line for an explosive run, and he explained his thesis by revealing that the token is imitating its 2020 price movement when it broke above its Exponential Moving Average (EMA) on a two-week price chart. According to him, XLM is grounded for a 360% rise to hit $2.27 in the next breakout.
An Overview Of Stellar Lumens (XLM)
Stellar is an innovative cryptocurrency project that combines traditional finance with blockchain technology. It was created in 2014 as a peer-to-peer decentralized network designed to make cross-border remittances quickly and reliably at a minimal cost. Its payment protocol is based on distributed ledger technology. Moreover, the platform’s native XLM token facilitates cross-border transactions along with helping in overcoming the problems of high cost generally associated with blockchain-based processes.
The XLM token, which acts as the intermediary for operations on the Stellar Lumens network, is available on leading centralized exchanges (CEX) including Binance, CoinBase, and KuCoin, among others. The token acts as an intermediary for operations and for paying transaction fees. It is primarily focused on aiding financial institutions and users with international fiat transfers.
Thus, XLM provides access to financial systems, and people can make transactions quickly and at low costs around the globe. Furthermore, the network maintains high security as XLM holders need to have at least one token to remain active on the network.
At the time of writing, XLM is priced at $0.373 with a market cap of $11.26B, a 24-hour trade volume of $306.36M, a total supply of 50B XLM, and a circulating supply of 30.29B XLM. The lowest recorded price of the token is $0.0004761 on 5th March 2024.
Technical Analysis and Upcoming Levels of XLM
Crypto analysts predict that the XLM token is grounded for a notable upward price movement, and it could reach $2, representing a 350% increase. Expert analyst, ‘Erag Crypto’ cautioned that the movement of the token’s price from $0.37 to $2 would be full of resistance and corrections. He previously predicted a 50% correction, and so far it has reached 44%. This indicates that there could be a pullback before a stellar takeoff.
According to his theory, XLM will reach $0.9 before hitting the $2 target. Other market analysts share a similar sentiment. Meanwhile, analyst Rose Premium also predicts that there is a chance that XLM will double its current value to hit $0.98. However, this prediction depends on continuous growth and control by bulls above the $0.40 level. However, a decline in this level could result in Stellar’s price falling by 35%.
In addition, XLM is spotted to be forming a bullish pattern, signaling a bullish extension and consolidating near the breakout level. Once the token rises above $0.6355, there are chances for more upward trends, and in this case, XLM could target $0.7960 before hitting the psychological level of $1.
Furthermore, based on the pattern, XLM could potentially increase by 537% to reach the $3.04 level in the future. On a positive note, the Relative Strength Index (RSI) of XLM remains below the overbought zone, indicating that the token has the potential for a rise in the coming days.
Factors Contributing To The Price Increase
There are several factors contributing to the upward price movement of XLM. Its price growth is expected to be supported by its expanding ecosystem and integration with MoneyGram. The market sentiments of the crypto community are capable of affecting the project’s performance. The bullish movement could attract investors by boosting their confidence, resulting in an increased valuation.
The evolving landscape of the Cryptocurrency market could also contribute to an increase in the price of XLM. It also benefits from the rebound in the crypto market. Additionally, the efforts of the Stellar Developmental Foundation can also support the price increase of the token.
Conclusion
As per analysts, XLM is gearing up to hit a massive price of $2 shortly. Its price could be enhanced by several factors such as market dynamics, investor sentiment, technological developments, regulatory development, and broader economic conditions.
Even though the current scenario and analysis provide a bright outlook on the project’s future, one should conduct a thorough analysis before investing in XLM, as the crypto world is highly volatile and there are risks associated. So risk tolerance analysis and market research should be conducted before finalizing an investment decision.
