Stellar has plummeted by 8% in the past 7 days as cryptos continue to take a breather from the latest rally. What could come next for XLM and is a bullish Stellar price prediction justified at this point?
Trading volumes have dropped to their lowest levels in days with $245 million worth of XLM exchanging hands yesterday. This translates into a 72% drop compared to the token’s August 14 peak of $868 million.
Trader ChartNerd shared an interesting chart lately. This popular crypto trader, whose X account is followed by more than 13,000 users, believes that XLM could hit $1.8 shortly after a confirmed bull flag.
According to ChartNerd, if the price breaks above the $0.55 level, that would set off a strong rally toward $1.8 which would result in short-term gains of more than 300% for those who enter after a confirmed breakout.
Stellar Price Prediction: XLM Could Rise $0.45 First If This Support Level Holds
This bullish Stellar price prediction comes out just three days after the project shared an update covering the second quarter of the year. The developing team revealed that the network processed a total of 19.6 billion operations and has been up uninterruptedly for 2,283 days.
A look at the 4-hour chart reveals that XLM could be heading toward the $0.36 support area as a result of this latest downtrend.
This key level has acted as a previous decline already and catalyzed a move toward $0.45 the last time the price action touched it. This means a short-term upside potential of 17% if trading volumes confirm a bounce off this key area.
What bulls would like to see at this point apart from this support bounce is a move above the 200-period exponential moving average (EMA) followed by a bullish breakout above $0.45. If that happens, ChartNerd’s Stellar price prediction of $1.8 could start to unfold.
The Relative Strength Index (RSI) is quite depressed at this point as it stands near oversold levels. A move above the 14-period moving average would indicate that positive momentum is increasing.
Meanwhile, as XLM shakes off the latest wave of bearish momentum, a popular meme coin called Wall Street Pepe (WEPE) is preparing to migrate to the Solana network and could deliver 10X gains to investors at this point as the developing team will burn millions of tokens as a result of the move.
Wall Street Pepe (WEPE) Is Moving to Solana and Could Explode Once Its Gets There
Wall Street Pepe (WEPE) was one of this year’s most successful crypto presales and the launch team is already preparing to make the next move.
Born as an ERC-20 token, $WEPE is now migrating to Solana – the best blockchain for meme coins.
The token will benefit from this network’s higher liquidity and trading activity in this particular category and its price could be boosted as a result.
In addition, the launch team will burn the corresponding dollar value worth of $WEPE tokens on Ethereum that are successfully migrated to Solana to shrink the circulating supply and further boost the price of $WEPE (Sol).
To buy Wall Street Pepe and join the $WEPE army before the next explosive moves, head to the Wall Street Pepe website and connect your wallet (e.g. Best Wallet). You can either swap USDT or SOL for this token or use a bank card to invest.
Click Here to Get WEPE on SolanaThe post Is Stellar On a Collision Course? XLM Price Tanks 8% In a Week, What’s Next? appeared first on Cryptonews.
