XLM Defies Bitcoin, Skyrocketing 14%, How High Can XLM Go?

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XLM Defies Bitcoin, Skyrocketing 14%, How High Can XLM Go?
  • XLM is up by over 14.8% in its cumulative seven-day performance. 
  • However, market bigwig Bitcoin fell on the negative side more often than not. 
  • A prominent analyst believes the next stop for XLM is $1.1.

The crypto market has been in continuous bearish tread for the past weeks. Market bigwigs such as Bitcoin (BTC), Ethereum (ETH), and Bitcoin Coin (BNB) have maintained passive gestures, falling on the negative side more often than not. 

However, amid the boring trend exhibited by the top 20 crypto by market cap, one digital asset emerged with significant positive growth. In particular, data from CoinMarketCap shows that Stellar Lumen (XLM) is up by over 14.8% in its cumulative seven-day performance. 

XLM’s surge is particularly remarkable because all other cryptocurrencies on the top 20 rankings have visible negative growth in their one-week performance. XLM now trades at $0.1309 after crypto market participants bought and sold $130,266,260 worth of the cryptocurrency in the last 24 hours. 

Moreover, the figure represents a significant 24.15% increase compared to the trading volume obtainable in the past day. Early this month, the digital asset saw only about $65 million in trading volume in a 24-hour window, with its price around $0.11.

Meanwhile, according to EGRAG CRYPTO, a prominent crypto analyst, XLM is poised for a potential surge above the $1 mark. In an analysis tweet, EGRAG pointed out that the prediction is based on the occurrence of a Bullish Cross in the weekly time frame. It involved the 21 Exponential Moving Average and the 200 Moving Average. 

Based on the stated factors, EGRAG expressed anticipation of a substantial surge. The analyst particularly estimated it to be approximately 500%. Interestingly, the chart accompanying the tweet exhibits promising signs that the next Bullish cross could catalyze XLM’s ascent to reach a noteworthy $1.10.