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InjectiveStory Highlights
- Analyst Ali Martinez predicts XLM crypto price could target $1.80 based on a bullish pattern.
- On its price chart, the XLM price has seen a weekly surge of 8.51% amid market volatility.
- Recently, Stellar‘s utility and credibility received a boost after striking a partnership with the UN.
Stellar (XLM) was founded in 2014 by Jed McCaleb, the co-founder of Ripple and the creator of the infamous Mt. Gox platform. Recently, XLM crypto has made significant progress in the crypto space.
Currently, the XLM crypto has a market capitalization of $10.43 Billion. Also, it holds 13th rank in global rankings, which is still way below Jed McCaleb’s previous project, XRP.
At the time, many were curious why XLM ****began when he already had XRP, so rumors suggest that Jed McCaleb had to leave Ripple due to his disagreements with the major company’s management regarding its future direction.
While Jed McCaleb had other plans, Ripple and its XRP token stuck to its focus on facilitating cross-border payments for banks and financial institutions. However, XLM crypto worked on to serve the unbanked retail users, targeting a different segment of the market.
As time matured, Stellar grew fabulously, and in the most recent development, Stellar’s credibility and its utility have received a boost with the United Nations adopting its solutions.
XLM crypto’s partnership with and the United Nations Development Programme (UNDP) has further enhanced its reputation.
In addition to these developments, XLM crypto is showing signs of a potential price breakout. Market analyst Ali Martinez highlighted a bullish flag pattern on the XLM chart, indicating a promising upward trend.
Is XLM Crypto Headed for the $1.80 Mark?
In a recent post on X, market analyst Ali Martinez suggested that XLM crypto, often seen as a rival to XRP, could be on the verge of a breakout targeting $1.80. His prediction is based on the formation of a bull flag pattern on the price chart.
This pattern typically occurs when the price consolidates or slightly declines after a sharp rise, setting the stage for a potential upward movement. Apparently, during the consolidation phase in this pattern, traders often take profits, allowing the market to catch its breath.
Based on this pattern that he found, Ali Martinez believes that XLM crypto is poised for a breakout soon.
Currently, XLM is trading at $0.3395, reflecting a 0.84% decline over the past 24 hours. The price reached a daily high of $0.366 before retreating to its current level.
Over the past few months, XLM price has experienced significant volatility, mirroring the broader market downturn for various reasons.
After peaking at $0.6389 in Q4 2024, XLM price faced a steep decline. However, recent signs of recovery are evident, with a weekly surge of 8.51%. Some traders speculate that XLM crypto’s movements are closely tied to XRP’s.
On Friday, following a 10% rise in XRP triggered by the SEC’s acknowledgment of the XRP and DOGE ETF filings from Grayscale, XLM also saw an increase of 8.51%.
Moreover, if Martinez’s bullish prediction comes to fruition, XLM crypto would need to rise over 400% from its current levels, potentially boosting its market cap to around $40 Billion. For this to happen, the price must break through critical support and resistance levels.
At present, XLM crypto faces a key resistance level at $0.36. A move above this threshold could propel the price into a bullish momentum. Conversely, a drop below this level would likely lead to further declines for the asset.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
