XLM’s Price Could Soar to $1.10 Soon, Trader Suggests

• EGRAG CRYPTO predicts Stellar (XLM) could hit $1 in the medium term.
• A 500% surge in XLM’s price could be triggered by intersecting indicators.
• XLM’s price could reach $0.1470 within 2-3 weeks after a breakout.

EGRAG CRYPTO, a cryptocurrency trading and analysis professional, forecasted via a tweet today that Stellar has the potential to hit $1 in the medium term. This optimistic projection is grounded on the imminent triggering of a substantial medium-term technical flag.

In the recent update, EGRAG CRYPTO disclosed that the 21 EMA line on the weekly chart of XLM is approaching the 200-week MA line. If these two technical indicators intersect in the upcoming weeks, the analyst predicts that it could trigger a 500% surge in the price of the cryptocurrency.

Following the bullish cross, EGRAG CRYPTO thinks that the price of XLM could increase to $1 in the ensuing months. Furthermore, he suggested that the altcoin’s price also possesses the necessary momentum to escalate to $1.10.

CoinMarketCap data showed a 1.22% increase in XLM’s price over the last 24 hours. The cryptocurrency was valued at $0.1245 at the time of reporting. XLM had recorded a daily low of $0.1181 and was trading at its 24-hour peak. This could imply a potential price pullback in the next 24 hours if traders decide to take profits.

Looking at a more immediate timeframe, XLM’s daily chart has developed a symmetrical triangle pattern. This pattern indicates a possible price breakout for the altcoin. Should this potential movement be upward, XLM’s price has the potential to reach up to $0.1470 within the next 2-3 weeks.

Conversely, a downward breakout could result in XLM dropping to the key support level of $0.0950. The chances of a bullish breakout seem higher, considering the recent event where the 9-day EMA surpassed the 20-day EMA line on XLM’s chart. This indicated a shift in short-term momentum towards the bulls in the last 48 hours.