With an exceptional 30-day gain of 474.0%, Stellar has surpassed almost all of the top ten cryptocurrencies, including Bitcoin (34.1%), Ethereum (38.5%), Solana (38.6%) and even XRP (262.3). %). XLM’s current price of $0.5404 is just 36.102% below its 2021 peak of $0.7355. XLM enthusiasts expect that the price of XLM could reach $1 by December. Let’s analyze whether the technical and fundamental market scenarios support this expectation. Ready?
Impressive value for money Stellar
On May 11, 2021, Stellar’s price reached a yearly peak of $0.7355. On May 19, 2021, the price fell sharply from $0.6464 to $0.4429, a significant one-day drop of 31.48%. The current price of XLM is the highest since May 20, 2021.
At the beginning of this month (November 2024), the XLM market was at $0.0933. Since November 5, the market has increased by more than 492.54%. During this upward impulse, the market experienced only one major correction; This happened as the price fell sharply from $0.5359 to $0.4384 between November 25 and 26, a drop of 18.19%.
However, after a sharp recovery of 25% between November 27 and November 29, the market quickly recovered from the correction. Yesterday the market peaked at $0.5480. It has increased by 4.9% in the last 24 hours.
Will Stellar be able to make $1? Technical overview
Stellar’s 50-day SMA is $0.1858. The 100-day SMA is at $0.1401 and the 200-day SMA is at $0.1196. The 50-day SMA crossed above the 200-day SMA on November 16th, and the 100-day SMA surpassed the 200-day SMA on November 18th. Right now, both the 50-day SMA and 100-day SMA remain well above the 200-day SMA, indicating strong bullish sentiment.
The MACD indicator also reinforces the bullish outlook.
However, the XLM RSI remains in the overbought zone at 77.57. This indicates that the Stellar market may experience a short-term correction before continuing its upward path.
Fundamental developments of Stellar
Grayscale Investments recently proposed a private placement of shares of Stellar. Reports indicate that this move is generating significant institutional interest in the XLM market.
Stellar is also preparing for greater integration into the DeFi ecosystem. This includes the implementation of smart contracts through Soroban’s innovative smart contract upgrade.
In conclusion, with strong technical indicators, significant fundamental gains, and favorable market conditions, the future of Stellar looks promising.
