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- XLM price has jumped 25% in a week, signifying heightened buying pressure.
- XLM chart revealed a bullish ‘Adam & Eve’ pattern, signaling a potential breakout.
Stellar (XLM), a cryptocurrency linked to Ripple Labs’, has been making waves in the crypto market. The XLM price has jumped by 25% in the past seven days, reaching the highest trajectory since 2023.
The recent price action of Stellar crypto has demonstrated notable upward momentum. This happened particularly over the past ten daily trading candles.
A golden crossover was observed between the 50- and 100-day EMA lines. That signaled a massive potential upward move ahead.
At press time, the XLM price changed hands at $0.2354, noting an intraday drop of over 2.30%. Its market cap was at $7.05 Billion and ranked 21st among the top crypto coins.
Stellar Crypto Formed Adam & Eve Pattern: Here’s the Analysis
In a recent tweet shared by EGRAG crypto, an Adam and Eve pattern is shown on the chart. This pattern has a 70% chance of leading to an upward price breakout.
He added that the Stellar crypto could reach a market cap of $100-150 Billion. Even more significant growth is possible in the future. “Think a $100-150B market cap for XLM sounds big? Just wait,” he said.
#XLM – Market Cap Spotlight: Adam & Eve Formation
— EGRAG CRYPTO (@egragcrypto) November 18, 2024
The Adam & Eve pattern is a powerhouse in technical analysis, boasting a 70% success rate for breaking to the upside!
Think a $100-150B market cap for #XLM sounds big? Just wait and watch as the Stellar Network prepares to… pic.twitter.com/bluIugVbyQ
This pattern looks similar to the cup and handle formation. A double bottom pattern and a rounding bottom pattern jointly form an Adam and Eve pattern.
Currently, the XLM price has breached the neckline pivot of $0.2000. Furthermore, it was poised for a whopping surge in the following sessions.
Likewise, ChartingGuy, in a recent tweet, said it’s the best time to accumulate XLM. Also, a significant upside toward $2.46 was on the horizon for the following sessions.
$XLM
— Charting Guy (@ChartingGuy) November 19, 2024
moves like these should show you how fast things get happen in crypto
does nothing for 2 years then goes up 180% in 2 weeks‼️
this is what i mean when most lagging alts do NOTHING until $BTC is in price discovery, BUT they catch up very fast so its best to… https://t.co/rwN64fR5Es pic.twitter.com/08Ipjnf8XI
Per the Fib levels, the token was approaching the 61.8% zone. It could accelerate toward the 78.6% zone around $0.4300 next.
XLM Price Prediction: Decoding the Price Action
Stellar crypto has gained pace, and the buyers have marked their presence. Amidst the broader market bullishness, the XLM crypto has delivered a massive upsurge.
Over the last ten daily candles, XLM has experienced a consistent upward momentum. Moving forward, a breakout from the Ichimoku Cloud indicated strong bullish sentiment.
The sharp XLM price rise initiated around the $0.1200 mark, followed by a steady ascent. It has surpassed the 52-week high trajectory.
The formation of the higher highs and higher lows and the leading indicators pointed toward the bullish outlook. The Relative Strength Index (RSI) line also rested around 81 at press time. That conveyed heightened buying pressure.
The Average Directional Index (ADX) curve also crossed beyond the 50 midline point. That revealed the bulls’ dominance and directed the strong uptrend on the chart.
Moreover, the Chaikin Money Flow (CMF) indicator reading also delivered the bullish cues. At press time, it was valued at around 0.21, representing an increased inflow in the market.
Furthermore, the steady positive readings from the OI-weighted funding rate represented the heightened demand for long contracts. It unveiling the bullish outlook. The immediate support zones were $0.2100 and $0.1860. At the same time, the upside hurdles were $0.2550 and $0.2780.
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.
