Crypto analyst Dark Defender shared on X (formerly Twitter) that XLM’s price is currently in its third wave of a bullish Elliott Wave structure. The price is steadily approaching its ultimate resistance at $0.641036, which, if breached, could unlock further upward momentum.
Dark Defender explained that XLM’s current price action targets $2.8444 in the coming waves, reflecting substantial growth potential. The analyst also emphasized XLM’s impressive performance in November, marking it as a pivotal period for the token.
XLM Chart Analysis: Elliott Wave Analysis and Key Resistance Levels
The provided chart showcases Stellar’s progression through a textbook Elliott Wave pattern. After completing an ABC corrective structure, XLM initiated a bullish trend marked by Wave (1), followed by a minor correction in Wave (2). Waves (3) and (5) project significant upward movement, with Wave (3) expected to test the resistance line at $0.641036.
Breaking this resistance would signal the reversal of XLM’s long-term bearish trend. Wave (5) is projected to push XLM to its target price of $2.8444. The Ichimoku Cloud on the chart further confirms bullish sentiment, as XLM has moved above the cloud, signaling a potential breakout.
Image Source: X/DarkDefender RSI Momentum and Market Sentiment
The Relative Strength Index (RSI) indicates increasing momentum, aligning with the token’s recent bullish performance. However, the RSI approaching overbought levels suggests caution as XLM nears the resistance zone.
Adding to the enthusiasm, another crypto influencer, XRPBags, shared that “$XLM is about to break into the top 10!! New All Time High Next?!?” This sentiment reflects growing optimism within the crypto community about XLM’s trajectory.
$XLM about to break into the top 10!! New All Time High Next !?!? pic.twitter.com/CPnujJoVkD
— XRP Bags BagMan (@XRPBags) November 24, 2024
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Price Target and Future Prospects
Breaking the $0.641036 resistance is essential for XLM’s price to maintain its upward momentum. Failure to do so could lead to a retracement, with support zones marked by the Ichimoku Cloud and prior low points near Wave (2). Nevertheless, if the resistance is breached, the projected price target of $2.8444 could position XLM as a major contender in the crypto market.
With its recent performance and growing community interest, Stellar’s journey toward a potential all-time high remains one to watch closely.
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