A crypto expert predicts significant upside momentum for XLM, which could reach $2, marking an increase of approximately 350%.
Current Price Momentum
In recent days, XLM has not experienced significant price changes. However, today the token saw an impressive price surge of over 5% in the past 24 hours, bringing the XLM price to the $0.437 level. Despite the price increase, trading volume dropped by 13% during the same period, indicating lower participation from traders and investors compared to the previous day. Data also shows that over the past 7 days, the asset is still down by 13%.
XLM Technical Analysis and Upcoming Level
CoinPedia's technical analysis indicates bullish price action on XLM's daily chart. According to the XLM daily chart, the asset is forming a 'flag and pole' price action pattern and is currently consolidating near the breakout level. If XLM breaks out of this pattern and closes a daily candle above the $0.47 level, there is a strong possibility it could initially rise by 32% to reach the $0.63 level. Furthermore, based on the pattern, XLM could potentially surge by 537% to reach the $3.04 level in the future.
$118 Million of XLM Outflow from Exchanges
This bullish technical analysis is supported by on-chain metrics. According to Coinglass, XLM's spot inflow/outflow data indicates a significant outflow of XLM from exchanges in recent days. Over the past 10 trading days, exchanges have witnessed a substantial $117.80 million worth of XLM outflow. In the cryptocurrency landscape, outflow refers to the movement of assets from exchanges to wallets, which signals bullish sentiment for the asset.
The current forecasts and technical data suggest a potential rise for XLM despite temporary price fluctuations. The outflow from exchanges also indicates significant interest from investors.
