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A reputable market expert asserts that $XLM is on an ignition countdown, targeting an over eightfold upsurge from its current price.
Stellar ($XLM) has become the latest cryptocurrency to engineer a breakout as the broader market bullish sentiment has rubbed off on the asset. While Bitcoin consolidates following its explosion to above $90,000, $XLM has swung to a three-year price high.
The 20th-ranked cryptocurrency by market cap has surged an impressive 116% in the past seven days, rising beyond $0.200. Furthermore, $XLM is up a staggering 144% in the past month, benefiting extensively from the prevailing bullish market momentum and following XRP’s path.
Meanwhile, $XLM’s recent upsurge has drawn the attention of major market analysts, including seasoned commentator Egrag. In a Monday tweet, Egrag noted that the 116% weekly surge is the start of $XLM’s space launch, predicting a rise to unprecedented price territories.
Countdown to $XLM’s Explosive Upsurge
Egrag’s November 18 analysis shows further upsides remain for Stellar. The seasoned analyst noted that $XLM’s “space launch” is imminent, expecting the bullish vibes around the coin to continue.
In an accompanying chart, Egrag based his assertions on a structural pattern, targeting the Inter Stellar Gateway zone. Per the chart, the analyst speculated that $XLM would complete its wave-like price structure, anticipating a surge to the pattern’s high between $0.794 and $1.057.
Notably, the Inter Stellar Gateway zone surge would entail an upsurge between 233% and 343% from the current price. $XLM would also grow past its current all-time high of $0.9381, attained in January 2018.
$XLM to Repeat Last Cycle’s Success?
In another analysis, Egrag speculated that Stellar might replicate its price surge from the last cycle. For instance, $XLM surged 3,162% from its low of $0.025 in March 2020 to the cycle’s top at $0.804 in May 2021.
Per Egrag’s attached chart, he asserted that $XLM could achieve a similar feat in this cycle. Having already surged over 2,312% from this cycle’s bottom, Egrag expects a further 850% uptick to $2.2700.
Meanwhile, $XLM begins the week on a high, soaring an impressive 16% in the past 24 hours. At press time, the asset trades at $0.2421 with a market cap of $7.2 billion.