XLM price has gained by more than 15% in the last 48 hours. However, this could be the beginning of bigger moves, as noted in its price chart.
Technical analysis from CW (@CW8900) on X suggests that Stellar (XLM) is on the verge of major price action, with potential gains that could double its current value. The cryptocurrency has been showing promising signs of strength, particularly in its market behavior.
According to CW’s latest analysis, XLM has demonstrated resilience by breaking through a crucial convergence zone after a period of decline. This breakthrough is particularly significant as it signals renewed buying pressure in the market.
The analyst notes that while the price initially pulled back to test previous support levels, it has successfully pushed above the convergence area once again.
Imminent Volatility on the Horizon
The current technical setup shows XLM approaching the end of a smaller convergence pattern, which typically precedes significant price movement. CW emphasizes that this configuration often leads to increased volatility, suggesting that traders should prepare for potentially dramatic price action in the near term.
xlmCW chart shows that the broader upward trend established since late last year continues to hold strong. This sustained bullish structure provides a solid foundation for potential future gains. The analyst maintains an ambitious target price of $0.80, which would represent approximately a 100% increase from current levels.
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The combination of these technical factors—the successful retest of the convergence zone, the approaching resolution of the current pattern, and the intact long-term uptrend—creates a compelling case for XLM’s potential upside. As CW notes in their analysis, the market appears to be setting up for a significant move, with all indicators pointing toward continued upward momentum.
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