Can Stellar’s 474% Growth Lead to $1 by December?
Stellar’s 30-day gain is as high as 474.0%, outperforming almost all of the top ten cryptocurrencies, including Bitcoin (34.1%), Ethereum (38.5%), Solana (38.6%), and even XRP (262.3%). The current XLM price is $0.5404, which is only 36.102% below the 2021 peak of $0.7355. XLM enthusiasts predict that the XLM price may reach $1 by December. Let’s analyze whether the market’s technical and fundamental conditions support this expectation. Ready?
Stellar’s impressive price-performance ratio
On May 11, 2021, Stellar’s price reached its annual peak of $0.7355. On May 19, 2021, the price plummeted from $0.6464 to $0.4429, a single-day drop of 31.48%. The current XLM price is the highest recorded since May 20, 2021.
At the beginning of this month (November 2024), the XLM market price was $0.0933. Since November 5, the market has increased by more than 492.54%. During this upward momentum, the market only experienced one major correction; between November 25 and 26, the price dropped significantly from $0.5359 to $0.4384, a drop of 18.19%.
However, the market quickly recovered from the correction with a sharp rebound of 25% between November 27 and 29. Yesterday, the market hit a peak of $0.5480. It has gained 4.9% in the past 24 hours.
Can Stellar Lumens Break Above $1? Technology Outlook
Stellar’s 50-day SMA is $0.1858. The 100-day moving average is $0.1401 and the 200-day moving average is $0.1196. The 50-day moving average broke above the 200-day moving average on November 16, and the 100-day moving average broke above the 200-day moving average on November 18. Currently, the 50-day moving average and the 100-day moving average remain well above the 200-day moving average. The 200-day moving average indicates strong bullish sentiment.
The MACD indicator also reinforces the bullish outlook.
However, XLM’s RSI remains in the overbought zone at 77.57. This suggests that the Stellar market may experience a short-term correction before continuing its rise.
Stellar’s Fundamental Development
Grayscale Investments recently provided a private placement for Stellar. Reports indicate that the move is attracting strong institutional interest in the XLM market.
Stellar is also preparing to further integrate into the DeFi ecosystem. This includes the introduction of smart contracts through the innovative Soroban smart contract upgrade.
All in all, with strong technical indicators, significant fundamental progress, and favorable market conditions, Stellar’s future appears promising.
