In the ever-evolving world of cryptocurrency investing, technical analysis continues to play an important role in shaping investment sentiment and market trends. Amid the volatile environment, an analyst known as the Charting Guy has garnered attention for his bold predictions about the future of two major digital assets: XRP and Stellar (XLM).
Will the face of the XRP rally “melt”?
Charting Guy’s recent tweet made waves as he declared that XRP and XLM investors would soon witness a “melting face” as they identified a potential $13 move. This provocative statement highlights his confidence in the bullish surge he predicts for cryptocurrencies.
His analysis suggests a bullish trajectory for both XRP and XLM despite prevailing market skepticism and prolonged consolidation. Some market participants have labeled these assets as “dead coins” due to their poor performance in recent years, but Charting Guy doesn’t get caught up in emotion-driven narratives, instead focusing on technical indicators and chart patterns.
$XRP & $XLM Your face will melt in no time.
2 coins that have either been trading sideways or have “done nothing” for 6 years..
Most people consider it a dead coin.
But as a technical analyst, I’m not really interested in stories or sentiment.
The charts tell the story. 🧵
— Charting Guy (@ChartingGuy) March 27, 2024
Could a potential breakout occur at sea?
According to analyst research, XRP and XLM showed a symmetrical triangle pattern, indicating a potential breakout opportunity. This pattern, which has been forming over the course of six years, is one of the biggest patterns Charting Guy has come across and represents significant potential for price movement.
According to his predictions, the breakout target for XRP is in the $10-$13 range, implying significant gains of up to 2,000%. Likewise, Charting Guy believes that XLM could follow a similar trajectory and reach the $13 target.
XRP and XLM have displayed symmetrical triangle patterns, according to Charting Guy's analysis.
Optimistic Long-Term Outlook for XRP and XLM
While these near-term goals are ambitious, Charting Guy’s outlook extends beyond the current market cycle. He suggested the possibility of XRP reaching $38 in the future, although he admits that may not happen in the next few years.
Related Reading: Shiba Inu (SHIB) Plunges as Whale Selloff Wipes Momentum.
Nonetheless, he remains optimistic about the long-term prospects of XRP and XLM, predicting triple-digit valuations for both assets within the next decade.
XRP market cap currently at $32.7 billion. Chart: TradingView.com
His optimistic outlook is not only based on technical analysis, but also considers the potential role of XRP and XLM in the emerging financial landscape. With the growing adoption of central bank digital currencies (CBDCs) and the increasing likelihood of traditional financial systems collapsing, Charting Guy believes that XRP and XLM are well-positioned to play a significant role in the future of finance.
Featured image by Andrea Piacquadio/Pexels, chart by TradingView
Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.
Source: NewsBTC.com