Stellar, Dogecoin, Cardano rally as Bitcoin approaches $100k

The global cryptocurrency market rose 11.5% this week to a record high of $3.49 trillion, adding a valuation of $358 billion.

Bitcoin (BTC) is up over 8% during this period as buyers try to break through the $100,000 psychological resistance and excitement spreads to the broader altcoin market.

Some of the highlights this week included Stellar (XLM), Dogecoin (DOGE), and Cardano (ADA).

Stellar rallies over 190%

Stellar changed hands at $0.4436, up over 190% in the last seven days; Its 40-month high as demand surges has made it the best-performing asset among the top 100 cryptocurrencies, according to CoinGecko data.

The altcoin is up nearly 430% from its lowest price in July.

XLM 24-hour price chart — November 23 | Source: crypto.news

The bulk of these gains followed a recent announcement by the Federal Reserve on November 23, highlighting Stellar as a potential tool to power the blockchain component of the FedNow payment system.

Investors remain optimistic about XLM’s potential. Analyst Charting Guy, who has more than 20,100 followers, noted in an X post that price action over the last seven years has created an Adam and Eve pattern on a monthly chart.

The analyst predicts that a break above the neckline connecting the Adam and Eve highs, with the all-time high of $0.8756 set on January 3, 2018, could push the price as high as $5, almost 1030% above the current price level. predicted. .

Dogecoin continues its rally

Dogecoin is up another 27% this week, hitting a new yearly high of $0.48 on November 23.

Memecoin saw an impressive 239 percent increase last month, with 24-hour trading volume reaching $26 billion, making it the fourth most traded cryptocurrency.

DOGE price, Bollinger Bands and RSI chart — November 23 | Source: crypto.news

While the market expects a retest of the all-time high of $0.73 in the coming days, analysts are pointing to even higher targets for 2025.

Independent analyst Javon Marks noted that a confirmed break above previous highs could pave the way for a 52.2% rally. Marks determined that the immediate target range for Dogecoin is between $0.65 and $1.25.

Meanwhile, technical indicators indicate that the recent rally may face a pullback as the price approaches the upper Bollinger Band at $0.5084 and the Relative Strength Index moves above 82, indicating that the asset is currently overbought.

Cardano took back $1

Cardano made a significant recovery last week, with the altcoin surpassing the $1 price level for the first time since April 2022.

The altcoin was trading at $1.08 at the time of writing, up 43.7% last week. Additionally, daily trading volume increased 86% to $8.1 billion, indicating a growth in market activity.

ADA 24-hour price chart — November 23 | Source: crypto.news

Most of these gains occurred in the last two days as whales began accumulating altcoins. According to IntoTheBlock data, whale owners’ net flow increased by over 220%, shifting from an outflow of $54.1 million on Nov. 20 to an inflow of $77.2 million on Nov. 22.

According to CoinGlass, the rise was also supported by an increase in open interest; this increase exceeded $985 million, an increase of over 27%.