Stellar (XLM) is demonstrating bullish momentum as highlighted by crypto analyst Javon Marks. According to Marks, the target price for XLM stands at $0.681, supported by a series of higher lows indicating a strong uptrend from 2020-2021.
This analysis suggests a potential 594% climb, aiming to reach or surpass previous all-time highs. Moreover, per price data from CoinGecko at press time, XLM trades at $0.1023 showing strength over the past day and week. Over this period, the token has surged by 8.28% and 4.07% respectively.
Stellar Price Analysis
An analysis of Marks’ Stellar chart reveals an uptrend characterized by higher lows. This pattern indicates sustained buying interest at progressively higher price levels, reinforcing the bullish sentiment.
$XLM (Stellar)'s target @ $0.681 remains here as these prices continue to hold broken out and with a massive set of Higher Lows that can be indicating its uptrend from 2020-2021 to still be in tact.These Higher Lows and breakout could be calling for an over 594% climb back near… https://t.co/f4RqqlzNhY pic.twitter.com/terhrWX92c
— JAVON MARKS (@JavonTM1) August 7, 2024
The chart shows a breakout from previous resistance levels, signaling the start of a new upward movement. The target level of $0.681 is derived from historical price action and trend analysis, suggesting a substantial upside potential.
Moreover, the higher lows trend is a critical technical indicator, often preceding major price increases. This pattern demonstrates consistent buyer interest, reinforcing the upward trajectory.
Additionally, the breakout confirmation implies that previous resistance has turned into support, paving the way for higher prices. These technical indicators collectively support the bullish outlook for XLM.
Read also: Solana’s Pattern Signals Imminent Breakout: Analyst Predicts SOL’s 54% Price Rally to $233.8
XLM To Surge By 594%?
Marks projects a potential 594% increase in XLM’s price based on the strength of the breakout and the historical uptrend. The anticipated climb could push prices back near all-time highs, validating the substantial upside potential.
This projection aligns with historical price action and technical patterns, suggesting that the uptrend from 2020-2021 remains intact.
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Show more +Show less – Stellar’s Connection with XRP and Recent Developments
Stellar’s price movement is often correlated with XRP, and recent positive developments for XRP could further bolster XLM’s price.
The court ruling that XRP is not a security as previously claimed by the SEC is positive news for both tokens. This ruling could lead to a surge in prices, potentially reaching new all-time highs. Hence, the bullish sentiment for XLM is reinforced by these external factors, adding to the optimistic outlook.
Javon Marks’ analysis highlights a strong bullish trend for XLM, characterized by higher lows and a confirmed breakout. Hence, with a target price of $0.681, the potential for a 594% climb is supported by historical price action and technical indicators.
Additionally, the positive developments for XRP add further credence to the bullish forecast for XLM, suggesting price appreciation soon.
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