There he shared that the price of the digital currency is ready to face a 2-year old downtrend, but has the potential of experiencing 195% subsequent upsurge in as much it’s able to hold its most important support.
Crypto Michael Says Stellar Lumens (XLM) Has the Potential of 195% Price Upsurge
Crypto Michael is a cryptocurrency trader and analyst. He has won the hearts of many in the crypto space with his market technical analysis delivery from time to time.
He recently shared his opinion regarding the next possible trend of the price of Stellar Lumens (XLM), the 12th largest digital currency by market capitalization. He briefed this analysis on Twitter and elaborated it on TradingView for clarity.
He shared the below on Twitter, with a chart captioned;
“Ready to face a 2-year old downtrend. Flipped the levels of $0.04 and $0.053 support. As long as $0.053 remains support, targets on the upside can be spotted with potential of 195%”
Ready to face a 2-year old downtrend.
Flipped the levels of $0.04 and $0.053 support.
As long as $0.053 remains support, targets on the upside can be spotted with potential of 195%:https://t.co/W4FoF6LbOu
— Crypto Michaël (@CryptoMichNL) February 4, 2020
On the TradingView
Crypto Michael made his assertion clear on the popular market analysis platform, TradingView. There he used the chart for Stellar Lumens (XLM) as an illustration on the platform.
He opined that a repeat of 2018 price action could playout for the digital currency any time soon. Back then, the digital token XLM experienced a major retracement towards the levels before the big surge.
He said XLM could be facing a 2-year downtrend, but as long as it holds $0.053 support, a notable price breakout is possible.
He said, “Retraced all the way towards the levels before the big surge in December 2018. Confirmed support there. Bounced upwards & flipped the $0.053 level support as well and now facing a 2-year downtrend. As long as $0.053 remains support, a breakout to the upside is likely to occur.”
He furthered by listing the price target to expect for Stellar Lumens (XLM) in the possible price breakout. He then concluded by averring that the last price target could grant the cryptocurrency a 195% price uptrend.
He said, “Main targets to aim for; $0.09 $0.14 $0.19. The last one would grant a 195% move from here and would combine the XLM / BTC chart as well. The chart of XLM against BTC retraced all the way to the resistance in 2016 and is stuck in a range. If a breakthrough of 910 sats occurs, space is open towards 2200-2500 sats.”
Stellar Lumens (XLM) in the Market
Stellar Lumens (XLM) presently occupies the 12th position in the market, and it has outperformed other top digital currencies in terms of price appreciation over the past hours.
At the time of filing this report, XLM is trading at $0.066308, with a relatively 4% price uptrend in the last 24 hours.
Note: Not financial advice