Break Out from This Key Level Could Kickstart 16x Rally for Stellar (XLM) Price: Top Analyst
Javon Marks, a top crypto analyst with more than 40,000 followers on X, discusses the potential for Stellar (XLM) to experience a major rally, potentially reaching levels above $9, which would represent a more than 16x increase from its current price.
He noted that a breakout from the channel in the chart could mirror historical patterns, suggesting significant bullish momentum for XLM.
Marks’ chart reveals a channel structure that has evolved in two distinct phases: one in the past and one currently. In the previous cycle, a breakout from this channel led to a parabolic rise. This historical precedent indicates that a similar outcome may occur if the current breakout is confirmed.
The chart shows that XLM price has surpassed the upper boundary of a long-term channel that has historically served as a consolidation zone. This breakout could signal the beginning of a new bullish phase, aiming for much higher price targets.
The analyst projects a potential target of over $9, corresponding to a 16X increase from current levels. This projection is rooted in historical breakout performance and a calculated move based on the channel’s height.
Read Also: VeChain (VET) Price Set for 30% Price Surge Following Key Breakout: Here’s the Outlook
However, Marks’ chart highlights that before reaching this ambitious target, XLM may encounter resistance at previous all-time highs and psychological price levels, such as $1, $2, and $5.
The bullish outlook will also be contingent on a favorable macro environment for cryptocurrencies, as substantial upward trends typically require broad market support.
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