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Notable market watcher EGRAG predicts Stellar ($XLM) could soar 360% to $2, citing a key technical pattern.
The recent bullish crypto market tide has lifted all boats, including Stellar ($XLM). Over the past 30 days, the asset has staged a blistering rally that has seen it surge over 250%. Despite this run, one analyst has suggested that the asset is not done.
Stellar ($XLM) To $2?
Prominent crypto analyst “EGRAG CRYPTO” has asserted that $XLM is set to rally to the $2 price point. The analyst expressed this view in an X post on Friday.
He cited a pattern that played out after $XLM broke out of an exponential moving average (EMA) on the two-week candle chart in 2020. At the time, the asset rallied over 3,100% to highs around the $0.8 price point.
Per EGRAG’s chart, $XLM broke above this EMA again in 2023, suggesting a potential target of around $2.27.
For context, at the time of writing, $XLM is exchanging hands for about $0.437. A rally to the $2 mark will represent a nearly 360% increase.
How $XLM Will Hit This $2 Target
Despite EGRAG’s bullish perspective, he does not expect the price to run towards the $2 mark in a straight line.
In a separate post on Friday, the analyst suggested that $XLM will first take a stab at its all-time high around the $0.9 price point. From there, the analyst suggests the asset might retrace before launching to fresh highs around the $1.2 price point and beyond.
The analyst based this view on $XLM’s weekly candle price action. Per the chart, the asset is currently at the midpoint of an ascending channel with strong resistance above the $0.9 price point.