Stellar’s (XLM) 457% Surge Continues as Bullish Momentum Builds

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As a seasoned crypto investor with a knack for spotting trends and a flair for riding the waves of volatility, I must say that the current surge in Stellar (XLM) has certainly piqued my interest. With its impressive 457% gain over the past 30 days and a whopping 81% increase in the last week alone, it’s hard not to take notice.

Over the last month, the value of Stellar (XLM) has been soaring, continuing its price surge with new highs.

Based on information from CoinGecko, Stellar has seen a remarkable increase of 457% over the past 30 days. In just the last day, it has added another 12%, reinforcing its strong upward trend. Over the past week alone, this cryptocurrency has soared by an impressive 81%.

The recent surge places Stellar as one of the top-performing assets on the cryptocurrency market.

There’s been a rise in positive sentiment towards the larger cryptocurrency sector, which has led to increased interest in prominent coins such as Stellar. Moreover, this month, there’s been a significant uptick in investments flowing into altcoins due to Bitcoin’s unprecedented price spike.

Bitcoin hit an all-time high just shy of $100,000 in the past week before retreating from the mark.

Different types of digital currencies, known as altcoins, have followed the trend of Bitcoin’s price changes this year, with many increasing more than three times their original value. However, a lot of them are still far from reaching their record high prices. Historically, altcoins tend to grow faster during market rallies but decline faster in bear markets compared to Bitcoin, due to their higher volatility and lower trading activity.

Stellar gains fresh momentum

The current price action and trading volume suggest that both traders are taking positions in XLM.

Based on information from CoinMarketCap, the trading volume for XLM has significantly increased by approximately 36% within the past 24 hours, reaching a total of around $3.23 billion.

If it started rising on November 26 at the $0.414 low point, and if it ends up increasing again today, Stellar (XLM) would have recorded its third consecutive day of growth since that date.

With Stellar’s ongoing surge, investors are keeping a keen eye out for indications of either consolidation or continued breakthroughs. In such a context, XLM could potentially aim to revisit its recent annual peaks at around $0.6389 and even reach as high as $0.80.

While the gains are impressive, caution remains warranted since profit-taking may occur. In this scenario, support in the short term is envisaged at $0.414.

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2024-11-29 18:46