As the overall crypto market experiences a slight acquire in complete market cap, Stellar (XLM) stands out with a considerable quantity of worth improve over the past week. According to knowledge from CoinMarketCap, the XRP competitor is up by 17.61%, outperforming each different prime 100 cryptocurrency up to now seven days.
XLM To Reach $1?
With XLM at the moment hovering across the $0.13 worth zone, there are speculations on the following motion. Interestingly, a crypto analyst with the title EGRAG CRYPTO on X (previously Twitter) predicts that XLM might rise to $1 if sure circumstances are met.
According to the analyst’s submit on September 8, this bullish prediction is fashioned on a possible crossover between two technical indicators, particularly the 200-day Moving Average (MA)and the 21-day Exponential Moving Average (EMA).
#XLM Heading for $1:
When the Bullish Cross happens on the weekly timeframe with the 21 EMA (Exponential Moving Average) and the 200 MA (Moving Average), I'm anticipating a possible surge of roughly 500% .
The chart under is displaying promising indicators that the following… pic.twitter.com/33TrI2znLb
— EGRAG CRYPTO (@egragcrypto) September 8, 2023
To clarify, the MA indicator displays the common worth knowledge over a particular time period, e.g., 200 days. It is consistently up to date and can be utilized to determine commerce areas and acknowledge market developments.
On the opposite hand, The EMA performs an analogous perform however with a deal with newer worth factors. Due to its methodology of calculation, the EMA reacts to cost adjustments sooner than the MA.
Based on EGRAG CRYPTO’s prediction, if there’s an upward crossover of the 21 EMA and 200 MA on XLM’s weekly chart, there’s a chance the token might expertise a 500% worth surge within the coming months, surpassing the greenback mark to commerce at $1.10.
This prediction is especially primarily based on historic worth knowledge, as XLM witnessed an analogous large worth acquire when this crossover occurred between 2020 and 2021.
However, it’s price stating that every one predictions are speculations with out ensures and shouldn’t be relied on as funding recommendation.
Another Partnership For Stellar?
In different information, the Stellar neighborhood seems to expect a large constructive replace within the subsequent few days. On September 2, Stellar Development Foundation shared with its crypto neighborhood that “Something cool is dropping in 10 days”.
Something cool is dropping in 10 days.
Get able to gear up for a change that's received us all excited. Stay curious pic.twitter.com/CgNzfzwqmc
— Stellar (@StellarOrg) September 2, 2023
This announcement was nicely obtained, with the XLM token rising by 10% within the subsequent 24 hours. Interestingly, some fanatics predict Stellar might announce a brand new partnership within the coming week.
The blockchain community has already collaborated with corporations similar to American remittance agency MoneyGram and Circle, the corporate behind the USDC stablecoin. In truth, Stellar introduced a minority funding in MoneyGram earlier in August.
For now, it stays unknown what this new improvement may very well be. However, there’s the chance it might elicit some impact on XLM’s worth trajectory.
At 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 every day buying and selling quantity has gained by 21.33% and is valued at $119.14 million.