Stellar (XLM) has been showcasing an impressive price performance, outperforming major cryptocurrencies like Bitcoin and Ethereum. With a 30-day growth of 474.0%, XLM enthusiasts are hopeful that the price could hit $1 by December. The current XLM price of $0.5404 is just 36.102% lower than the 2021 peak of $0.7355, indicating a potential for further growth.
Since the start of November 2024, the XLM market has surged by over 492.54%, with only one major correction experienced during this period. The market rebounded swiftly from this correction, with the price reaching a peak of $0.5480 yesterday, showing a rise of 4.9% in the last 24 hours.
From a technical standpoint, Stellar’s 50-day SMA, 100-day SMA, and 200-day SMA all point towards a strong bullish sentiment. The MACD indicator also reinforces this positive outlook. However, the RSI remains in the overbought zone, suggesting a possible short-term correction before the upward journey continues.
In terms of fundamental developments, Grayscale Investments offering private placements for Stellar and the integration of XLM into the DeFi ecosystem through smart contracts upgrades indicate a promising future for Stellar. With significant institutional interest, strong technical indicators, and favorable market conditions, Stellar is poised for further growth.
Overall, Stellar’s impressive price performance, technical indicators, fundamental advancements, and favorable market conditions suggest that the XLM price could potentially hit $1 by December. It remains to be seen how Stellar will continue to navigate the volatile cryptocurrency market and potentially reach new heights in the near future.
