As the overall cryptocurrency market experiences a slight increase in total market cap, Stellar (XLM) has emerged as a top performer with a significant price increase in the past week. According to data from CoinMarketCap, XLM has seen a gain of 17.61%, outperforming all other top 100 cryptocurrencies.
Given XLM’s current price of around $0.13, there are speculations about its future movement. An analyst with the username EGRAG CRYPTO on X predicts that XLM could potentially rise to $1 if certain conditions are met. In a post on September 8, the analyst explains that this bullish prediction is based on a potential crossover between two technical indicators – the 200-day Moving Average (MA) and the 21-day Exponential Moving Average (EMA).
The MA indicator reflects the average price data over a specific period of time, such as 200 days. It is constantly updated and can be used to identify trade areas and recognize market trends. On the other hand, the EMA performs a similar function but focuses on more recent price points. Due to its calculation method, the EMA reacts to price changes faster than the MA.
Based on EGRAG CRYPTO’s prediction, if there is an upward crossover of the 21 EMA and 200 MA on XLM’s weekly chart, there is a possibility that the token could experience a 500% price surge in the coming months, surpassing the dollar mark to reach $1.10. This prediction is mainly based on historical price data, as XLM witnessed a similar massive price gain when this crossover occurred between 2020 and 2021. However, it is important to note that all predictions are speculative and should not be considered as investment advice.
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In other news, the Stellar community is anticipating a major positive update in the next few days. On September 2, the Stellar Development Foundation shared a tweet with its crypto community, teasing that “Something cool is dropping in 10 days.” This announcement was well received, with the XLM token rising by 10% in the next 24 hours. Some enthusiasts speculate that Stellar could announce a new partnership in the coming week.
Stellar has already collaborated with companies such as American remittance firm MoneyGram and Circle, the company behind the USDC stablecoin. In fact, Stellar recently announced a minority investment in MoneyGram. The details of this new development have not been revealed yet, but it is possible that it could have an impact on XLM’s price trajectory.
At the time of writing, XLM is trading at $0.132, having increased by $0.132 in the last day. The token’s daily trading volume has also seen a gain of 21.33% and is valued at $119.14 million.
In conclusion, Stellar (XLM) has seen a significant price increase in the past week, outperforming other top cryptocurrencies. There are predictions that XLM could potentially reach $1 if certain technical indicators align. Additionally, the Stellar community is eagerly awaiting a major update, which could potentially involve a new partnership. As with all investments, it is important to conduct thorough research and exercise caution.
