The investor and digital asset analyst Crypto Tony predicted in a X (Twitter) post that Stellar (XLM) could see a huge price climb if it can overcome the supply zone it was touching at press time. According to the analyst, XLM’s price may rise to above $0.136 in the days following the break above the current supply zone.
$XLM / $USD – Update Grinding the supply zone as we speak, so flip that and we look to long legends 💯 pic.twitter.com/G6rs9U28ba
— Crypto Tony (@CryptoTony__) September 9, 2023
According to CoinMarketCap, XLM experienced a price surge of over 4% in the last 24 hours, bringing its trading price to $0.1302. This value was just slightly below its peak of $0.1314 observed within the same 24-hour period.
In addition to its price increase, XLM witnessed a significant boost in its 24-hour trading volume, with a surge of over 16% in the past day. This surge resulted in the intraday trading volume reaching approximately $108,195,978 at press time.
Daily chart for XLM/USDT (Source: TradingView)
From a technical perspective, XLM was able to break above the key resistance level at $0.1285 over the past 24 hours, and continued to trade above this key price point at press time. A daily close today above this mark could clear a path for the altcoin’s price to continue to rise to the next major barrier at $0.1411.
In an extreme bullish scenario, XLM’s price could rise to as high as $0.1551 in the coming 2 weeks. However, a daily candle close today below $0.1285 may invalidate the bullish thesis. In this scenario, XLM’s price may be at risk of dropping towards the crucial support level at $0.1114 in the following week.
Investors and traders will want to take note of the fact that the 9-day EMA line was attempting to cross above the 20-day EMA line at press time. Should these two technical indicators successfully cross it will signal that momentum has shifted in favor of bulls and XLM’s price may continue to rise in the next 24-48 hours.
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