Stellar (XLM) Price Prediction: Will XLM Skyrocket in 2023?

Crypto analyst Dark Defender shared on X (formerly Twitter) that XLM's price is currently in its third wave of a bullish Elliott Wave structure.

Crypto analyst Dark Defender recently shared his insights on Stellar's (XLM) price action, suggesting that the token is currently in its third wave of a bullish Elliott Wave structure. According to the analyst, XLM's price is steadily approaching its ultimate resistance at $0.641036, and a successful breach of this level could unlock further upward momentum.

Dark Defender's analysis suggests that XLM's current price action is targeting $2.8444 in the coming waves, highlighting the substantial growth potential for the token. The analyst also noted XLM's strong performance in November, which has been a pivotal period for the token.

A chart accompanies the analysis, illustrating Stellar's progression through a textbook Elliott Wave pattern. Following the completion of an ABC corrective structure, XLM begins a bullish trend, denoted by Wave (1), which is then followed by a minor correction in Wave (2). Waves (3) and (5) project a significant upward movement, with Wave (3) testing the resistance line at $0.641036.

Breaking this resistance would signal a reversal in XLM's long-term bearish trend, and Wave (5) is then expected to propel XLM to its target price of $2.8444. The Ichimoku Cloud on the chart further supports the bullish sentiment, as XLM has moved above the cloud, indicating a potential breakout.

The Relative Strength Index (RSI) also indicates increasing momentum, which aligns with the token's recent bullish performance. However, the RSI approaching overbought levels suggests caution as XLM nears the resistance zone.

Another crypto influencer, XRPBags, shared their enthusiasm, tweeting, "$XLM is about to break into the top 10!! New All Time High Next !?!?". This sentiment reflects growing optimism within the crypto community regarding XLM's trajectory.

Breaking the $0.641036 resistance is crucial for XLM's price to maintain its upward momentum. Failure to do so could lead to a retracement, with support zones marked by the Ichimoku Cloud and prior low points near Wave (2). However, if the resistance is breached, the projected price target of $2.8444 could position XLM as a major contender in the crypto market.

With its recent performance and growing community interest, Stellar's journey toward a potential all-time high is one to watch closely.