Stellar Rallies 445% Propeling XLM to $15.49B Market Cap, Dethroning Shiba Inu

• Stellar (XLM) has experienced a remarkable 450% surge in the past month, reaching a market cap of $15.84 million and surpassing Shiba Inu in market rank.
• Analysts have come forward forecasting a bullish trend on XLM’s future.

Stellar XLM has hit center stage again with its meteoric rise. Notably, XLM has surged by more than 450% surge in the past month. This surge has led to Stellar’s market cap hitting the 15.84 million. Notably, Stellar has surpassed Shiba Inu, ranking position 13 in terms of market cap.

Despite the token’s successful rally, XLM has fallen slightly on the daily charts. At the time of writing, XLM is swapping hands with $0.5266 an 8.89% decline in the past 24 hours. Additionally, the digital asset has rallied by 117.56% and 459.41% in the past week and month respectively.

Market participants who have kept a close eye on the rising digital asset have come foward giving out a bullish prediction for XLM. Notably, one crypto analyst alias dark Defender shsred on the X platform that XLM’s price is currently in its third wave of a bullish Elliott Wave structure. The price is steadily approaching its ultimate resistance at $0.641036, which, if breached, could unlock further upward momentum.

Another analyst under the name Dark Defender explained that XLM’s current price action targets $2.8444 in the coming waves, reflecting substantial growth potential. The analyst also emphasized XLM’s impressive performance in November, marking it as a pivotal period for the token.

The surge in buying interest and growing investor confidence that propelled XLM’s price from $0.302 to a peak of $0.6342 highlights a strong bullish momentum. Adding to the excitement, Stellar’s founder, Jed McCaleb, described the initiative as “the most underrated and least understood crypto.”

A lot of new people looking at Stellar so I thought I'd write down some quick thoughts about why Stellar is worth your time.
IMHO Stellar is the most underrated and least understood crypto project. A lot of recent attention but people are still sleeping on this network.

Stellar…

— Jed McCaleb (@JedMcCaleb) November 23, 2024

His bold statement aligns with the growing sentiment that Stellar’s potential is finally gaining recognition.

Historical patterns bolster this optimism. XLM’s recent surge mirrors its explosive growth in November 2017 and 2021, hinting at a cyclical trend. Analysts predict the token is on the verge of breaking out from a long-term descending triangle pattern, which could pave the way for a bullish phase if key resistance levels are surpassed.

Despite the recent surge in interest, technical indicators suggest caution. The Relative Strength Index (RSI) for XLM has climbed to 92, significantly surpassing the 70 threshold that typically signals an overbought condition. This often precedes a potential price correction.

Additionally, XLM’s price has broken through the upper limit of its Bollinger Bands, a volatility indicator, signaling that the asset may be overextended at this point.

The Road Ahead for XLM

While short-term challenges are always possible, XLM’s long-term outlook remains positive. Analysts forecast an 81% rise over the next three months, a 48% increase over the next six months, and a 41% gain over the next year. These projections reflect strong confidence in Stellar’s fundamentals and the broader market’s optimistic momentum.

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