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Home CRYPTO

Stellar Gains 124% in a Week, Eyes $10 Billion Market Cap

Matoy by Matoy
November 22, 2024
in CRYPTO
Reading Time: 2 mins read
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  • Stellar’s price has surged 124% in seven days, hitting its highest point since 2021.
  • RSI indicates overbought conditions, signaling strong bullish momentum but hinting at potential corrections.
  • CMF shows weak capital inflows, suggesting further growth may need stronger investor support.

Stellar (XLM) has seen a sharp rise in value, climbing over 124% in the past week and reaching $0.30, its highest price since December 2021. This impressive rally reflects strong market enthusiasm, with key indicators suggesting both opportunities and risks for the cryptocurrency.

Stellar’s RSI Signals Overbought Conditions

The Relative Strength Index (RSI) for Stellar has soared to 74.10, moving well into overbought territory. This measure indicates robust buying activity, which has fueled the rapid price increase. Historically, XLM has maintained an RSI above 70 for several days during strong rallies before eventually facing corrections. While the overbought level may hint at a potential pullback, the current upward momentum could persist before cooling off.

CMF Shows Positive but Limited Capital Inflows

The Chaikin Money Flow (CMF) for XLM has shifted into positive territory, currently at 0.06, after recovering from -0.10 just a day ago. This suggests renewed buying pressure following a period of selling. However, the relatively modest CMF value points to weaker capital inflows compared to previous bullish phases.

Stronger inflows will be needed for XLM to sustain its upward trajectory and test key milestones, including its $10 billion market cap target.

Source: TradingView

Stellar’s Path to a $10 Billion Market Cap

For Stellar to achieve a $10 billion market cap, the price would need to rise an additional 15.7%. While current momentum supports the possibility, the weak CMF indicates that sustained growth will depend on renewed investor interest and stronger inflows.

If the rally stalls, XLM’s price may test nearby support levels at $0.14 or potentially drop further to $0.0994, representing a significant correction of 67% from its recent highs.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: Stellar
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Matoy

Matoy

If Matoy is not busy looking at the latest Web3 news, he's always in the kitchen cooking delicious meals for his family. He's also a competitive fighting game player and a car enthusiast

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