Stellar (XLM) has been on an impressive upward trajectory, extending its price rally over the past 30 days with fresh gains.
According to data from CoinGecko, Stellar is currently up 457% in the last 30 days. The cryptocurrency has posted a 12% gain in the last 24 hours, further solidifying its bullish momentum. Over the past week, Stellar has surged by an impressive 81%.
The recent surge places Stellar as one of the top-performing assets on the cryptocurrency market.
Increased optimism on the broader crypto market has boosted demand for major cryptocurrencies like Stellar. This month, altcoins have seen an increase in inflows as Bitcoin has experienced a record-breaking surge.
Bitcoin hit an all-time high just shy of $100,000 in the past week before retreating from the mark.
Altcoins, or alternative cryptocurrencies, have mirrored some of Bitcoin's moves, with many more than tripling in price since the beginning of the year. Nonetheless, several remain well below their all-time highs. Altcoins have historically outperformed Bitcoin during rallies, and vice versa during bear markets, due to their higher volatility and thin trading volume.
Stellar gains fresh momentum
The current price action and trading volume suggest that both traders are taking positions in XLM.
According to CoinMarketCap data, XLM trading volume has shot up by 36% in the last 24 hours to $3.23 billion.
Stellar recovered from its Nov. 26 low of $0.414, when it began to increase. If today closes in green, XLM will mark its third straight day of gains since this date.
As Stellar continues its rally, the market is closely watching for signs of consolidation or further breakouts. In this scenario, XLM may attempt to retest the recent yearly highs of $0.6389 and even $0.80.
While the gains are impressive, caution remains warranted since profit-taking may occur. In this scenario, support in the short term is envisaged at $0.414.
