Can Stellar’s 474% Growth Lead to $1 by December?

In recent times, Stellar (XLM) has demonstrated exceptional performance in the cryptocurrency market. With a remarkable 30-day growth of 474.0%, Stellar has surpassed nearly all the top ten cryptocurrencies in terms of growth, including Bitcoin (34.1%), Ethereum (38.5%), Solana (38.6%), and even XRP (262.3%). Currently, the price of XLM stands at $0.5404, which is just 36.102% shy of its 2021 high of $0.7355. Enthusiasts of XLM are optimistic that the price could potentially reach $1 by December. Let’s delve into whether the technical and fundamental aspects of the market support this expectation.

Stellar’s Impressive Price Performance

On May 11, 2021, Stellar reached a yearly peak of $0.7355. However, by May 19, 2021, the price had significantly dropped from $0.6464 to $0.4429, marking a notable single-day decrease of 31.48%. As of now, the current XLM price is the highest since May 20, 2021. At the beginning of this month (November 2024), XLM was valued at $0.0933. Since November 5, the market has surged impressively by over 492.54%.

During this upward trajectory, there was only one major correction, where the price dropped sharply from $0.5359 to $0.4384 between November 25 and 26, marking an 18.19% fall. However, the market quickly rebounded by 25% between November 27 and 29, recovering swiftly from the correction. Just yesterday, the market peaked at $0.5480, experiencing a 4.9% rise in the last 24 hours.

Can Stellar Hit $1? Technical Outlook

The technical indicators for Stellar present a promising outlook. Currently, the 50-day Simple Moving Average (SMA) is at $0.1858, while the 100-day SMA is at $0.1401, and the 200-day SMA is at $0.1196. Notably, the 50-day SMA crossed above the 200-day SMA on November 16, followed by the 100-day SMA surpassing the 200-day SMA on November 18. Presently, both the 50-day and 100-day SMAs are well above the 200-day SMA, indicating a strong bullish sentiment in the market.

The Moving Average Convergence Divergence (MACD) indicator further supports this bullish outlook. However, it is important to note that XLM’s Relative Strength Index (RSI) remains in the overbought zone at 77.57, suggesting the possibility of a short-term correction before continuing its upward journey.

Stellar’s Fundamental Developments

On the fundamental front, Stellar is making significant strides. Grayscale Investments has recently offered private placements for Stellar, attracting considerable institutional interest in the XLM market. Furthermore, Stellar is gearing up for deeper integration into the decentralized finance (DeFi) ecosystem. This includes the introduction of smart contracts through the innovative Soroban smart contract upgrade.

In conclusion, with robust technical indicators, significant fundamental advancements, and favorable market conditions, the future of Stellar looks promising. Investors and enthusiasts alike are keenly watching to see if Stellar can achieve the much-anticipated $1 mark by the end of the year.