Crypto Tony Predicts Potential Stellar (XLM) Rally and Ripple (XRP) Correlation
Crypto News – Renowned cryptocurrency trader and analyst, Crypto Tony, has made a bold prediction in a recent post about the potential for Stellar (XLM) to experience a significant rally in the near future. In his post, Crypto Tony has emphasized his vigilant focus on the crucial $0.135 level on XLM’s price chart. Specifically, Crypto Tony is patiently waiting for the altcoin’s price to establish solid support at this pivotal level before considering taking a long position in XLM.
Additionally, Crypto Tony holds the belief that once Stellar (XLM) embarks on this anticipated rally, the remittance token Ripple (XRP) is likely to follow suit in a correlated upward movement. Meanwhile, data obtained from the cryptocurrency price tracking website, CoinMarketCap, indicates that XLM was trading at $0.1234 at the time of the post. This followed a minor 0.47% decline in its value over the previous 24 hours.
Notably, XLM has also experienced a substantial 22.87% decrease in its 24-hour trading volume, resulting in an overall trading volume of $99,456,428.
From a technical perspective, XLM faces the risk of breaking out of the positive price channel it has maintained over the past few weeks. Should it breach this channel within the next 24-48 hours, there is a possibility of a continued descent towards a critical support level at $0.1170 in the coming days.
Subsequently, sustained selling pressure could potentially drive XLM’s price down to as low as $0.1015 in the short term. It’s important to note that this bearish scenario may be invalidated if the altcoin manages to close today’s daily candle within the aforementioned price channel. In such a more optimistic scenario, XLM could aim for the $0.1350 level, as highlighted in Crypto Tony’s analysis.
A daily candle closure above $0.1350 could provide XLM with a solid foundation for its potential upward trajectory, potentially propelling it towards the $0.1470 range in the next few days.