XLM Price Prediction: Can Stellar Hit $1 by December? Top Indicators to Watch
Vignesh S G30 Nov 20242 min read
With an exceptional 30-day growth of 474.0%, Stellar has outperformed almost all the top ten cryptocurrencies, including Bitcoin, (34.1%), Ethereum (38.5%), Solana (38.6%), and even XRP (262.3%). The current XLM price of $0.5404 is just 36.102% lower than the 2021 peak of $0.7355. XLM enthusiasts anticipate that the XLM price could hit $1 by December. Let analyse whether the market’s technical and fundamental scenarios support this expectation. Ready?
Stellar’s Impressive Price Performance
On May 11, 2021, the price of Stellar stood at a yearly peak of $0.7355. On May 19, 2021, the price sharply plummeted from $0.6464 to $0.4429, marking a significant single-day drop of 31.48%. The current XLM price is the highest recorded since May 20, 2021.
At the start of this month (November, 2024), the XLM market was at $0.0933. Since November 5, the market has surged by over 492.54%. During this upward momentum, the market experienced only one major correction; it was when the price sharply dropped from $0.5359 to $0.4384 between November 25 and 26, marking a 18.19% fall.
However, with a sharp rebound of 25% between November 27 and 29, the market swiftly recovered from the correction. Yesterday, the market touched a peak of $0.5480.. In the last 24 hours, it has experienced a rise of 4.9%.
Can Stellar Hit $1? Technical Outlook
The 50-day Simple Moving Average (SMA) of Stellar stands at $0.1858. The 100-day SMA is at 0.1401, and the 200-day SMA at $0.1196. The 50-day SMA crossed above the 200-day SMA on November 16, and the 100-day SMA surpassed the 200-day SMA on November 18. Right now, both the 50-day SMA and 100-day SMA remain far above the 200-day SMA, indicating a strong bullish sentiment.
The MACD indicator also reinforces the bullish outlook.
However, XLM’s RSI (Relative Strength Index )remains in the overbought zone at 77.57. This indicates that the Stellar market can experience a short-term correction before it continues its upward journey.
Stellar’s Fundamental Developments
Grayscale Investments recently offered private placements for Stellar. Reports suggest that the move is attracting significant institutional interest in the XLM market.
Stellar is also preparing to become more integrated into the DeFi ecosystem. This includes introducing smart contracts via the innovative Soroban smart contract upgrade.
In conclusion, with strong technical indicators, significant fundamental advancements, and favourable market conditions, Stellar’s future appears promising.
FAQs
- Yes, it is a good investment option for the long term, as its stout fundamentals could eventually drive the price.
