Stellar Price: Will XLM Hit $1 In December?

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As a seasoned researcher with over a decade of experience in the crypto realm, I have seen my fair share of market volatility and bull runs. The current surge in Stellar (XLM) price has certainly piqued my interest, especially given its impressive 447% growth in the past month.

The price of Stellar (XLM) is in the spotlight as the broader cryptocurrency market is back on its feet, with combined capitalization soaring 41.28% to $3.42 trillion. While the majority of altcoins remain rejuvenated, Stellar price is among the most profitable. It jumped by 9.69% in 24 hours to $0.5204. Currently, the expectation remains whether the XLM price can hit $1 by December.

Can Stellar Price Reach $1 This December?

The robust underlying factors in the wider crypto market make it plausible that prices could rise further. Over just the last day, the price of Stellar climbed from a low of $0.4753 to a high of $0.5478. In the past month alone, this coin has surged by more than 447%, placing it among the top-performing altcoins in the top 20.

During the monthly trading period, it fluctuated significantly between a minimum of 0.08952 USD and a maximum of 0.6342 USD. If XLM maintains the momentum from its impressive historical broad swing in Q4, reaching a value of $1 could be achievable.

Previously, we examined if Stellar’s XLM could reach a value of $1. Since its beginning, the highest Stellar price, or its All-Time High (ATH), was achieved 7 years ago at $0.9381. Despite the positive market trends now, it’s important to note that the current price is the highest it has been since mid-May 2021.

The likelihood of an extended surge in XLM/USDT prices appears promising, supported by the MACD indicator on the 1-day chart. However, with an RSI reading of 78, it suggests that Stellar is overbought at present. Consequently, there might be a brief correction in Stellar’s price before resuming its rally towards reaching new highs.

The Fundamental Boost

For the Stellar price, the technical forecast appears positive, but there are additional fundamental factors that add strength. As previously reported by Coingape, Grayscale Investments has launched private placements for various altcoins this week, with Stellar being one of them. This new investment product will provide opportunities for corporate and institutional investors to invest in Stellar.

As an analyst, I can share that my focus is on the evolution of the Stellar protocol, a system initially geared towards improving cryptocurrency transactions. However, it’s currently undergoing a significant transformation with its ambitious goal of integrating smart contracts. The Stellar blockchain aims to realize this ambition through the ongoing Soroban smart contract upgrade, a process initiated several months ago. Ultimately, my expectation is that Stellar will become more deeply entwined within the Decentralized Finance (DeFi) landscape and related innovations.

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2024-11-29 22:47