After months of consolidation, Stellar price made a strong comeback this month, mirroring the performance of Ripple (XRP), which soared to $1 this week. XLM jumped to $0.2555, its highest level since January 2022 and 220% above its lowest point this year. Crypto analysts are optimistic that Stellar Lumens could continue its rally.
Stellar Price Analysis As Analysts See More Gains Ahead
Crypto analysts believe that XLM price has room for more gains as the rally in the industry. In an X post, CW predicted that the coin would jump to $0.31 after rising above a symmetrical triangle on the hourly chart. Harmonic Trader, another popular analyst with over 22,000 followers made a similar Stellar Lumens prediction but hinted that it will jump to $0.34.
In another post, DogeLumens identified numerous reasons why Stellar price could continue its strong rebound. He cited factors like its ongoing relationship with MoneyGram, which enables users to withdraw their USDC coins across thousands of locations.
He also cited its role in Real World Asset Tokenization, as evidenced by the success of the Franklin OnChain US Government Money Fund, which has gained over $429 million in assets under management. The fund has an effective yield of 4.5%, making it an ideal alternative to cash.
Other catalysts, according to DogeLumens are its partnership with Mastercard, a large financial services company, and its relationship with Stripe, the fast-growing fintech company.
Meanwhile, many analysts cite its similarity with Ripple, another coin created to solve a problem in the remittances industry. Gavin Wood, Stellar’s founder was also a co-founder of Ripple Labs. As such, with the XRP price hitting $1, analysts predict that XLM could be next.
XLM Price Forecast After Flipping Key Resistance
The weekly chart points to a potential XLM price breakout in the coming month. It formed a strong bottom at $0.077, where it failed to move below in 2023 and this year.
The coin has now flipped the key resistance at $0.1955, its highest swing in January 2023, and the neckline of the double-bottom-like pattern.
Stellar price has also jumped above the 23.6% Fibonacci Retracement level and the 50-week moving average.
Therefore, the next reference level to watch will be $0.3243, the 38.2% retracement level, which is about 40% above the current price. A break above that price will raise the possibility of the coin rising to the 50% retracement at $0.4150.
On the flip side, a drop below the support at $0.1955 will invalidate the bullish view and signal more gains to $0.15.
The post Stellar Price Prediction As Pro Sees XLM Soaring 30% appeared first on CoinGape.
