Stellar Analysis: XLM up 209% with $2 target, top experts say

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Stellar (XLM) has achieved impressive gains in the current cycle, up 172% on the monthly price chart and 342% on the 90-day price chart. According to our market data, the asset is currently the 17th largest cryptocurrency with a market cap of $12.7 billion, lagging behind Polkadot (DOT) by $1 billion. Meanwhile, one analyst believes that this is just the beginning of the impending explosion. The asset is expected to rise by 360% and reach $2.27 in the next breakout.

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To further clarify this prediction, EGRAG CRYPTO warned that the rally from the current $0.42 to $2 will be full of resistance and corrections. In another post, EGRAG CRYPTO reminded the XLM community of his previous prediction, which expected a correction of 50%. According to him, the asset has recorded a 44% correction so far. This means there could be one more “healthier” pullback before a massive takeoff.

The analyst believes that in the short term XLM could break above its all-time high and touch $0.90 before targeting the psychological level of $1. From this level, the asset could experience a temporary retracement before a “final sprint” to $2 or $3.

Meanwhile, XLM has been spotted forming a popular bullish pennant pattern that signals a bullish continuation. Specifically, this pattern is marked by a long vertical line and a symmetrical triangle. More upside could be confirmed once the asset rises above $0.6355. In this case, XLM could target the $0.7960 level before moving towards the psychological level of $1.

On the other hand, XLM has also formed a hanging man pattern consisting of a long lower shadow and a small real body, which is mainly formed on the upper side of the trend. According to the analyst, this pattern means that XLM could move “southwards” if the bears force XLM below its lower side.