XLM Soars More Than 100 Percent In A Week, Approaches ATH!

XLM crypto assets from Stellar Lumens. (Photo; Doc. Usethebitcoin)

JAKARTA In the past week, Stellar's (XLM) crypto asset recorded an increase in price of up to 180%. This increase strengthens Stellar's position in the main crypto ranks, especially in the blockchain-based payment sector. Then is XLM able to maintain this momentum increase or is it reversed?

Currently, Stellar's market cap has reached 17.3 billion US dollars (Rp273 trillion), surpassing Shiba Inu and approaching the list of the top 10 largest cryptocurrencies in the world. In the last 30 days, XLM has jumped 480%, reaching a price of Rp8,943 out of Rp3.000. The soaring price of XLM brings it closer to an all-time high record (ATH) at 0.6342 US dollars (or around Rp10,020).

Stellar founder Jed McCaleb called the project "the most underestimated and poorly understood crypto." Caleb stated that in a post on social media X, he emphasized Stellar's potential, which he said was still not fully explored.

The surge in XLM prices was also supported by historical trends. Previously, XLM experienced a similar increase in November 2017 and 2021, reflecting the cycle pattern that is now repeated. Analysts are optimistic that this token has the opportunity to break its long-term downward pattern and enter the bullish phase if it is able to pass the main resistance level.

At the time of writing, November 26, 2024, the price of XLM was trading at the level of IDR 7,862. Data from Coingecko shows XLM price performance slumped 5.7% in the last 24 hours. The decline in the price of XLM and other altcoins was triggered by a corrected Bitcoin price, resulting in a decrease in most altcoins.