Stellar

In the aftermath of a significant <a href="https://finbold.com/crypto-market-turns-into-a-sea-of-red-as-fear-overtakes-greed/" rel="noopener noreferrer nofollow">crypto market sell-off</a> last week, which temporarily drove the total market capitalization to $1.1 trillion, this week began with a promising rebound for several altcoins.Notably, <a href="https://finbold.com/guide/buy-stellar-with-paypal/" rel="noopener noreferrer nofollow">Stellar</a> (<a href="https://finbold.com/cryptocurrency/stellar/" rel="noopener noreferrer nofollow">XLM</a>) surged ahead, joined by <a href="https://finbold.com/guide/buy-xrp-with-paypal/" rel="noopener noreferrer nofollow">XRP</a> (<a href="https://finbold.com/cryptocurrency/xrp/" rel="noopener noreferrer nofollow">XRP</a>), XDC Network (<a href="https://finbold.com/cryptocurrency/xdc-network/" rel="noopener noreferrer nofollow">XDC</a>), and <a href="https://finbold.com/guide/how-to-trade-litecoin/" rel="noopener noreferrer nofollow">Litecoin</a> LTC (<a href="https://finbold.com/cryptocurrency/litecoin/" rel="noopener noreferrer nofollow">LTC</a>) in a robust recovery. XLM even attained a peak of $0.132 during this run.Yet, the elation was short-lived, as Stellar’s fortunes quickly reversed, once again veering into the red zone.At the time of publication, XRP was trading at $0.124, down more than 6.3% over the past 24 hours.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/04144eeb0d6446fd92333e86488744a9.jpg" />XLM 1-day price chart. Source: FinboldThe drop deepened the weekly and monthly losses of Stellar’s token to 9.5% and 24.6%, respectively.Over this 30-day period, more than $1 billion was wiped off XLM’s market cap.<h2 id="header-0">Why was XLM rising?</h2>Following the latest sector-wide downturn last week, several altcoins, including XLM, <a href="https://twitter.com/MasonVersluis/status/1693322695570870544?s&#61;20" rel="noopener noreferrer nofollow">showed encouraging signs of recovery</a>, surging nearly 7% at one point during this 24-hour rollercoaster ride.The move came amid positive changes in XLM’s social volume, blockchain intelligence platform Santiment <a href="https://twitter.com/santimentfeed/status/1693455463919362267?s&#61;20" rel="noopener noreferrer nofollow">noted</a> on August 21.Other <a href="https://finbold.com/cryptocurrencies/" rel="noopener noreferrer nofollow">cryptocurrencies</a> that participated in this recovery included XDC, LTC, Toncoin (TON), Tron (<a href="https://finbold.com/cryptocurrency/tron/" rel="noopener noreferrer nofollow">TRX</a>), and XRP, among others.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/225758d64fe249f99bf407ba5f7a65e0.jpg" />Altcoins showing temporary signs of recovery after last week’s sell-off. Source: SantimentAdditionally, Santiment said there was a good chance of this trend continuing over the week, citing market value to realized value metrics.<blockquote>– Santiment wrote.“With market value to realized value metrics continuing to show traders are down big, don’t be surprised if the trend continues this week.”</blockquote>However, the rebound turned out to be temporary, with most of the major altcoins losing their gains in a matter of hours.<h2 id="header-1">Crypto analyst says 405% increase remains in the cards for XLM</h2>Taking a more optimistic stance, crypto analyst Javon Marks <a href="https://twitter.com/JavonTM1/status/1693260948423802927?s&#61;20" rel="noopener noreferrer nofollow">holds</a> the belief that the future trajectory of XLM remains <a href="https://finbold.com/guide/bull-market-definition/" rel="noopener noreferrer nofollow">bullish</a>.Notably, the strategist said Stellar’s prices are showing “signs of major strength.” He said the cryptocurrency rose around 54% since breaking out of the recent resisting trend (see below chart), and as a result, “we can watch for another continuation to commence!”<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/69227b935b874687adcdfc0c41b6d8ad.jpg" />XLM breaking out of the resisting trend. Source: Javon Marks TwitterTo be more specific, Javon thinks $0.681 remains a key target for XLM, which, if materialized, would imply a price increase of a whopping 405%.Nevertheless, the likelihood of this outcome materializing seems uncertain, especially in light of the persistent pressure confronting the broader <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">cryptocurrency market</a>.Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>.

Stellar price prediction as XLM battles to retain upward trend

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