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XLM Defies Market Crash, Poised for 65% Rally
The cryptocurrency market has been experiencing a downturn in recent times, with many assets plummeting in value. However, one asset stands out as it defies the bearish sentiment – XLM, the native token of Stellar.
As of March 14th, XLM recorded an impressive price gain of over 5% in the past 24 hours, while Bitcoin (BTC) and Ethereum (ETH) witnessed a decline in value. This unusual move has sparked interest among crypto enthusiasts as they seek to capitalize on this upward momentum.
Current Market Momentum
At the time of writing, XLM is trading at $0.27, having risen by over 5% in the past day. The asset’s market capitalization has increased significantly, with a surge of 75% in trading volume within the same period. This suggests that traders and investors are becoming increasingly optimistic about XLM’s potential.
Experts’ Insights
A prominent crypto expert took to social media to share their insights on the XLM price action. They noted that the asset is forming a bullish flag and pole price action pattern, with the current price trading near the lower boundary of the flag. Furthermore, they cautioned that if XLM breaches the $0.42 level, it could potentially rally to $1.60.
Technical Analysis
The expert’s analysis revealed that XLM has recently found crucial support at $0.236 and has begun exhibiting an upward momentum. The asset is also forming a bullish flag and pole price action pattern. If XLM maintains its current trajectory and holds above the $0.236 level, it could initially surge by 18% to reach $0.33 in the near future.
However, if this upside momentum continues and the price closes a daily candle above the $0.35 level, there is a strong possibility of a massive 65% rally to reach the $0.605 level within the coming days.
Source: https://coinpedia.org/price-analysis/xlm-defies-market-crash-poised-for-65-rally/
