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

| Source: crypto.news

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 XLMs 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.

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

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.

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

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.