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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.