Renowned market watcher EGRAG predicts that Stellar (XLM) could surge 360% to $2, citing a key technical pattern.
The recent bullish tide in the cryptocurrency market has lifted all boats. including Stellar (XLM). Over the past 30 days, the asset has shown rapid growth, as a result of which it has grown by more than 250%. Despite this launch, one analyst suggested that the asset is not yet complete.
Stellar (XLM) to $2?
Renowned cryptanalyst EGRAG CRYPTO stated that XLM will rise to the $2 price level. The analyst expressed this opinion in post X on Friday.
He cited a pattern that emerged after XLM broke out of the exponential moving average (EMA) on the two-week candlestick chart in 2020. At that time, the asset rose more than 3,100% to a high near the $0.8 price level.
According to the EGRAG chart, XLM broke above this EMA again in 2023, suggesting a potential target around $2.27.
For context, at the time of writing, XLM is trading for around $0.437. A rise to $2 would represent an increase of almost 360%.
How XLM Will Reach the $2 Target
Despite EGRAG’s bullish outlook, he does not expect the price to move in a straight line towards the $2 mark.
IN separate post On Friday, an analyst suggested that XLM would first reach its all-time high around the $0.9 price level. Following this, the analyst suggests that the asset could pull back before reaching new highs around the $1.2 price level and above.
The analyst bases his opinion on the weekly price movement of the XLM candlesticks. Based on the chart, the asset is currently in the middle of an ascending channel with strong resistance above the $0.9 price level.
