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

The global cryptocurrency market increased by 11.5% this week, reaching a record high of $3.49 trillion and adding $358 billion in valuation.

Bitcoin (BTC) surged over 8% during this period as buyers attempted to breach the $100,000 psychological resistance, and the hype spilled over into the broader altcoin market.

Some standout performers this week included Stellar (XLM), Dogecoin (DOGE), and Cardano (ADA).

Stellar rallies over 190%

Stellar surged over 190% in the last seven days, exchanging hands at $0.4436, its 40-month high as demand surged, making it the best-performing asset among the top 100 cryptocurrencies per data from CoinGecko.

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

The majority of these gains came on Nov. 23, following a recent announcement from the Federal Reserve highlighting Stellar as a potential tool for powering the blockchain component of its FedNow payment system.

Traders remain optimistic about XLM’s potential. In an X post, analyst Charting Guy, who has over 20,100 followers, noted that the price movement over the last seven years has formed an Adam and Eve pattern on its one-month chart.

The analyst predicted a break above the neckline, connecting the peaks between Adam and Eve, at $0.8756 its all-time high reached on Jan. 3, 2018, could push its price to as high as $5, almost 1030% above the current price level.

Dogecoin continues its rally

Dogecoin rose by another 27% this week, hitting a new yearly peak of $0.48 on Nov. 23.

The meme coin has seen an impressive 239% gain over the past month and ranks as the fourth most traded cryptocurrency, with 24-hour trading volumes reaching $26 billion.

As the market anticipates a potential retest of the all-time high at $0.73 in the coming days, analysts have pointed to even higher targets for 2025. 

Independent analyst Javon Marks noted that a confirmed breakout above previous highs could pave the way for a further 52.2% upside. Marks identified the immediate target range for Dogecoin as being between $0.65 and $1.25.

Meanwhile, technical indicators suggest that the recent rally may face a pullback, as its price is nearing the upper Bollinger Band at $0.5084, and the Relative Strength Index has climbed above 82, signaling that the asset is currently overbought.

Cardano reclaims $1

Cardano has made a significant recovery over the past week as the altcoin moved past the $1 price level for the first time since April 2022.

The altcoin has climbed 43.7% over the past week, trading at $1.08 at the time of writing. Additionally, its daily trading volume has surged by 86% to $8.1 billion, suggesting a growth in its market activity.

Most of these gains occurred in the past two days as whales started accumulating the altcoin. According to data from IntoTheBlock, whale holder netflow has surged by over 220%, shifting from an outflow of $54.1 million on Nov. 20 to inflows of $77.2 million on Nov. 22.

The rally was also supported by an uptick in open interest, which surged over 27% to surpass $985 million, according to CoinGlass.