As a seasoned crypto investor with battle-tested nerves and a knack for spotting trends, I have learned to navigate the volatile seas of the digital asset market with a keen eye and steady hand. The current dip in Stellar’s XLM price has been a familiar sight this year, but it is not a cause for alarm.
The cost of Stellar has trimmed some of its advancements from last month, mirroring the same trend observed in Ripple. Both cryptocurrencies have dipped temporarily due to traders cashing out, leading to a short-term pullback. Therefore, could XLM’s price surge up to $1 prior to XRP reaching a new record high?
Stellar Price Analysis: Technicals Point To a Strong Rebound
The XLM price has dropped by about 32% from its highest level this year, mirroring that of most altcoins. Still, there are rising odds that the coin will bounce back in the next few days.
The daily chart shows that the Stellar price has found support at the 50% Fibonacci Retracement level. It has also remained above the 50-day moving average, a sign that bulls are still in control.
In many cases, the ‘Stellar’ chart shows a hammer-like structure, marked by a tiny central portion (the “hammer”) and a lengthy lower wick (shadow). Typically, such a pattern is considered one of the most optimistic candlestick patterns in the market.
It’s possible that the current drop in Stellar’s price is connected to the development of a corrective wave within the Elliot Wave theory. Typically, such patterns conclude with a powerful surge in bullish momentum, a trend we may expect to occur in this case.
It seems likely that the value of XLM could increase significantly during this bullish trend, potentially reaching $1. However, before this can occur, Stellar’s price needs to recover and reach its year-to-date high of approximately $0.6385. If it surpasses this level, it would suggest that there are still many buyers in the market who are eager to drive the price up towards $1.
Moving to dollar 1 means a surge of 130% from the present value, which seems feasible as the coin previously rose by nearly 500% in November.
If the price falls slightly below the level at $0.3642, which represents the halfway point in the price movement, it might suggest a weakening of the bullish outlook. This decline could signify that the coin has entered the downward trend phase as per the Wyckoff Method, confirming a shift in its market direction.
XRP Rally to Fuel XLM Price
The potential influencer on XLM’s price could be the fluctuations in Ripple’s value. Over time, these two cryptocurrencies have shown a strong relationship due to their shared focus on the cross-border payments sector. Notably, Jed McCaleb, the founder of Stellar (XLM), was also one of the original founders of Ripple.
Experts predict that the value of Ripple may surge up to 5 dollars during this phase, and potentially reach $18 in the future. A significant factor driving this upward trend could be the imminent release of RLUSD.
According to the predictions, it’s possible that Ripple could increase significantly, and if so, XLM might perform even better than it did during their previous bull market surge.
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2024-12-12 15:30