Over the past week, Stellar’s native coin, XLM, has seen a significant decline Powerful 180% increaseWhich caused a stir in the cryptocurrency market. With the token approaching all-time highs, investors and analysts are getting excited.
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Stellar’s market capitalization has reached $17.3 billionsurpassing Shiba Inu and closing in on the top 10 cryptocurrencies, after a staggering 480% increase in the past month.
Many people are wondering if XLM will be able to maintain this great performance or if it is about to take a turn for the worse. The token’s path is certainly interesting, although experts seem to have different opinions.
#XLM The price is up over 480% in the past 30 days and over 180% in the past 7 days. currently, #excellent It is trading at $0.566, which means it is only a few steps away from reaching its previous all-time high. pic.twitter.com/SrdPgDAoio
— CryptoWizard101 (@realwizard101) November 24, 2024
Excellent: riding a wave of optimism
High buying interest and expanding investor confidence have driven this XLM prices rise From $0.302 to a peak of $0.6342 indicates a strong upward push. Stellar founder Jed McCaleb has heightened anticipation by referring to the initiative as “the most underrated and least understood cryptocurrency.”
A lot of new people are looking at Stellar, so I thought I’d write up some quick thoughts on why Stellar is worth your time.
IMHO Stellar is the most underrated and least understood crypto project. It has been getting a lot of attention recently but people are still sleeping on this network.excellent…
– Jed McCaleb (@JedMcCaleb) November 23, 2024
His bold statement fits with a growing feeling that Steeler’s potential is finally being recognised.
Historical trends support optimism. XLM’s recent rally resembles its explosions in November 2017 and 2021, suggesting a cyclical trend. Analysts say the token is about to break out of a long-term descending triangle pattern, which could lead to a bullish phase if resistance levels are broken.
Overbought?
Despite the current surge in interest, technical signs point to caution. XLM’s RSI rose to 92, well above the 70 threshold for the overbought level. This often serves as a precursor to a potential price adjustment.
Likewise, XLM price crossed the upper bound of the Bollinger band, which is a measure of volatility. This indicates that the original may have been outdated.
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The road ahead for XLM
Although there is always a chance for short-term challenges, XLM’s long-term future looks bright. In the next three months, analysts expect an 81% increase. In the next six months, an increase of 48%; Then the following year an increase of 41%. These numbers clearly show the great belief in Stellar’s fundamentals and the optimistic momentum of the broader market.
The main concern is whether Stellar can sustain its growth and reclaim its all-time highs as it approaches critical resistance levels. Although caution is necessary, the current rally underscores the growing interest in the Stellar ecosystem, making XLM a token to keep a close eye on in the coming months.
Featured image by Shutterstock/Yuri Mazur, chart from TradingView