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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.