One distinctive aspect of the cryptocurrency realm is the continuous surge of innovation aimed at achieving broader acceptance. In a recent development, Stellar cryptocurrency revealed plans for a mainnet upgrade to Protocol 20, emphasizing the need for businesses and developers to ready themselves for this impending update by providing a comprehensive guide. Will XLM price explode in 2024? Let’s take a look at this Stellar price prediction article in more detail.
How has the Stellar Price moved in recent days?
As of now, the Stellar price stands at $ 0.133156, accompanied by a 24-hour trading volume of $ 85.52M. Stellar’s market cap is $ 3.76B, and it holds a market dominance of 0.21%. Over the last 24 hours, the price of XLM has seen a positive shift, experiencing a 4.27% increase.
On January 4, 2018, Stellar achieved its highest price, reaching an all-time high of $ 0.930121. In contrast, the cryptocurrency hit its lowest price on November 18, 2014, at its all-time low of $ 0.001227. Following its all-time high, the lowest price observed was $ 0.027660 during the cycle low. Conversely, the highest XLM price since the last cycle low reached $ 0.796465 at the cycle high. Currently, market sentiment predicts a bullish trend for Stellar, while the Fear & Greed Index indicates a value of 71, signifying greed.
Stellar’s circulating supply is currently at 28.27 billion XLM out of a maximum supply of 50.00 billion XLM. The yearly supply inflation rate is 10.01%, resulting in the creation of 2.57 billion XLM in the last year. In terms of market cap, Stellar holds the top position in the Stellar Network sector and is ranked 17th in the Layer 1 sector.
Is Stellar (XLM) Price poised for a substantial surge?
Having established a foundation above the $0.1201 mark, Stellar lumens initiated a renewed uptrend against the US Dollar. The XLM/USD pair surpassed the $0.1249 resistance area, propelling it into positive territory.
The ascent continued as the price overcame the $0.1301 hurdle and the 55 simple moving average (4 hours). The momentum drove the price to $0.1378 before experiencing a corrective decline, breaching the $0.133 support level.
Presently, the price is trading beneath the 50% Fibonacci retracement level of the upward movement from the $0.1207 swing low to the $0.1381 high. XLM is currently positioned above $0.1249 and the 55 simple moving average (4 hours). Additionally, a crucial bullish trend line is taking shape, offering support around $0.1279 on the 4-hour chart.
On the upside, resistance is encountered near the $0.1313 zone, with the subsequent significant barrier at $0.1349. A decisive breakthrough above $0.1349 may propel the price toward the $0.1377 level.
Further gains could drive the price towards the $0.1420 level or potentially $0.1500. Initial downside support lies around the $0.128 mark. The next significant support is at $0.1250 or the 76.4% Fibonacci retracement level of the upward movement from the $0.1206 swing low to the $0.1383 high. Sustained losses might lead the price toward the $0.1200 level soon.
Will Stellar price explode in 2024?
Over the past year, Stellar (XLM) has displayed remarkable growth, witnessing an 86% increase in its price. This upward trajectory is further supported by its current position above the 200-day simple moving average, indicating a sustained positive trend.
Notably, in the last 30 days, XLM has experienced 18 green days, constituting 60% of the period. However, it is noteworthy that Stellar has been outperformed by 54% of the top 100 cryptocurrencies over the past year, including prominent assets like Bitcoin and Ethereum.
Despite its impressive gains, XLM remains 86% below its all-time high, suggesting potential for recovery. The cryptocurrency’s medium liquidity, determined by its market capitalization, adds a layer of stability to its trading environment.
Additionally, with a yearly inflation rate of 10.01%, Stellar faces the challenge of balancing growth with inflationary pressures. As the market dynamics continue to evolve, investors will keenly observe whether Stellar can capitalize on its recent positive momentum and navigate the competitive landscape to regain ground against its peers.
Is XLM a good buy in 2024?
On December 18, Stellar initiated a comprehensive overhaul by upgrading and resetting its testnet. Subsequently, Stellar Core, Horizon, Soroban RPC, and Stellar SDKs saw the release of the latest Protocol 20 version. Marking a crucial milestone, Stellar announced that its network validators are scheduled to cast their votes on January 30, 2024, at 15:00…
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