Crypto analyst Crypto Tony has made a bullish prediction for Stellar (XLM) on Twitter. He suggests that XLM could experience a significant price increase if it breaks through its current supply zone. According to his forecast, XLM’s price may surpass $0.136 in the days following a successful breakout.
XLM’s Recent Price Movement
In the last 24 hours, XLM has demonstrated notable strength, with a price surge of over 4%. This pushed its trading price to $0.1302, coming close to its 24-hour peak of $0.1314.
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
XLM has also experienced a substantial boost in its 24-hour trading volume, surging by more than 16% in the past day. As a result, the intraday trading volume reached approximately $108,195,978 at the time of writing.
Key Technical Breakthrough
From a technical standpoint, XLM successfully broke above the crucial resistance level at $0.1285 in the past 24 hours and was maintaining its position above this level at the time of the report. This breakthrough could pave the way for XLM’s price to target the next significant barrier at $0.1411.
In an optimistic scenario, XLM’s price could potentially reach as high as $0.1551 over the next two weeks. However, a daily candle closing below $0.1285 might invalidate the bullish outlook, putting XLM’s price at risk of dropping towards the important support level at $0.1114 in the following week.
The 9-day Exponential Moving Average (EMA) was attempting to cross above the 20-day EMA at the time of writing. If this crossover occurs, it could signal a shift in momentum in favor of bulls, potentially leading to further price increases in the next 24-48 hours.