Stellar Shines: XLM Rockets 180% In Just One Week
Over the past week, Stellar’s ​​native cryptocurrency XLM has experienced Steady growth of 180%causing a stir in the cryptocurrency market. Investors and analysts are buzzing with excitement as the coin approaches all-time highs.
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Stellar’s ​​market capitalization has reached $17.3 billionFollowing last month’s impressive 480% growth, it overtook Shiba Inu and moved closer to the top 10 cryptocurrencies.
Many are wondering if XLM can maintain this impressive performance or if it will get worse. Although experts seem to have different opinions, the coin’s path is definitely interesting.
#XLM The price has increased by more than 480% in the past 30 days and by more than 180% in the past 7 days. Now, #star It is currently trading at $0.566, which means it is just a few steps away from its previous all-time high. pic.twitter.com/SrdPgDAoio
— Cryptowizard101 (@realwizard101) November 24, 2024
Stellar: riding the wave of optimism
Huge buying interest and expanding investor confidence have driven XLM price increases The move from $0.302 to a peak at $0.6342 indicated a strong bullish push. Stellar’s founder, Jed McCaleb, heightened anticipation by calling the initiative “the most undervalued and least understood cryptocurrency.”
A lot of new people are looking at Stellar, so I wanted to write down some quick thoughts on why Stellar is worth your time.
IMHO, Stellar is the most underrated and least understood crypto project. There’s been a lot of attention lately, but people are still sleeping on this network.star…
— Jed McCaleb (@JedMcCaleb) November 23, 2024
His bold statement is consistent with the growing sentiment that Stellar’s potential is finally being recognized.
Historical trends support optimism. XLM’s recent rise is similar to the November 2017 and 2021 outbursts, suggesting a cyclical trend. Analysts say that the coin is about to break out of a long-term descending triangle pattern, which could lead to a bullish phase if resistance is breached.
Overbought?
Despite the current surge in interest, technical signs point to caution. XLM’s Relative Strength Index has risen to 92, well above the 70 threshold for overbought levels. This is often a precursor to a potential price correction.
Likewise, the price of XLM also broke above the upper Bollinger Bands, which measures volatility. This suggests the asset may have become overextended.
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The road ahead for XLM
While short-term challenges are always present, XLM’s long-term future appears bright. Analysts predict growth of 81% over the next three months; 48% over the next six months; and then 41% over the next year. These numbers clearly demonstrate the tremendous confidence in Stellar’s ​​fundamentals and the optimistic momentum in the larger market.
The main concern is whether Stellar can keep growing and return to all-time highs as it approaches critical resistance. While caution is warranted, the current rally highlights the growing interest in the Stellar ecosystem, making XLM a coin that should be watched closely in the coming months.
Featured image via Shutterstock/Yuriy Mazur, chart via TradingView
