XLM has fallen by 3% in the past 24 hours, with the Stellar price dropping to $0.1051 on a day when the wider crypto market has suffered a 7% decline.
The coin is now down by 12% in a week and by 23% in the last 30 days, although it holds onto a 12% gain in a year.
Such percentages are disappointing in relation to the returns recorded by other major tokens recently, yet they invite the possibility that XLM may compensate with above-average gains in the near future.
Stellar Price Prediction as XLM Retraces 5.4% With Market Drop — Is It Time to Load Up?
XLM’s chart reflects its weakness at the moment, although its indicators are now at a point where a recovery is in order.
For example, Stellar’s relative strength index (purple) fell below 20 yesterday day and has dipped strongly again this morning, raising the probability of a rebound.
Likewise, the coin’s 30-day average (orange) has now fallen so far below its 200-day (blue) that it’s only a matter of time before it begins rising again.
In this context it will be interesting to see whether XLM’s support level (green) will prevent a drop below $0.1040.
If it doesn’t, we could see further losses in the near term, even if the coin remains in a strongly oversold position.
EXTREME FEAR FOR THE $XLM TOKEN. IM SO SCARED RIGHT NOW 😱
SEND IT DOWN PAST 0.10 TO FILL MY BUY ORDER. 😉 pic.twitter.com/5ABAyEzP5o
— Mr. John (@thebu11runner) May 1, 2024
This remains a strong possibility, given that markets are expecting this week’s Federal Reserve meeting to reveal that the central bank is prepared to keep rates high for longer.
Yet the overall health of the market and industry would indicate that, eventually, prices are going to recover from this period of pessimism.
This is particularly the case for XLM, which the market has arguably oversold for months now.
While Stellar remains a relatively small network in terms of value locked in, it has seen growing usage as a payments network, which is its intended use.
Q1 2024 is in the books, and Stellar still shines.
Here’s a check on the network👇
Payments on Stellar keep growing…📈 pic.twitter.com/iJXPYXc76e
— Stellar (@StellarOrg) April 30, 2024
As such, XLM should perhaps be much higher than its current price, which is more a reflection of current bearishness and ongoing industry immaturity than of poor fundamentals.
So assuming that the wider market can recover soon, the Stellar price is likely to reach $0.15 by the end of summer.
Newer Alts May Have More Potential for Gains
Traders seeking quicker above-average gains may grow frustrated by XLM, yet there are many promising newer tokens in the market right now.
Near the top of any list of such tokens would be DICE, the native token of popular crypto casino Mega Dice.
Mega Dice has grown in stature to become one of crypto’s biggest casinos since launching in 2023, with its website offering over 4,500 games and an extensive sportsbook.
It’s on the back of its reputation that it has been able to hold an increasingly successful presale for DICE, which has now raised in excess of $600,000.
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Join the $DICE presale and be part of the next gem gaming token – $600K already raised! 🚀
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Why should you consider joining the $DICE presale? 👇 pic.twitter.com/nTtNHgrqDC
— Mega Dice Casino (@megadice) April 30, 2024
What’s particularly attractive about DICE is that its status as Mega Dice’s native token will provide it with lots of utility.
It will serve as a payment token with Mega Dice’s platform and will also offer access to exclusive games,
This means it should attract plenty of demand, particularly as Mega Dice continues to grow as an online casino.
This isn’t the only bullish feature, however, with DICE also boasting a capped supply of 420 million tokens.
A fixed supply potentially makes the token deflationary, while the ability to stake DICE will limit its circulating supply.
Because of this, DICE is likely to enjoy sustained price increases once it launches.
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