XLM’s bullish momentum sparks speculation of a $1 price

• Stellar (XLM) has emerged as a top performer in the cryptocurrency market, rising 445% over the past month and currently trading at $0.54.
• XLM’s momentum depends on overcoming resistance levels and continued adoption in the field. Thanks to its strong technology base and partnership, Stellar is positioning itself as a key player in digital payments.

As we approach the end of 2024, cryptocurrency enthusiasts and investors are keeping a close eye on Stellar (XLM) and its potential to reach $1 by December. Stellar has been making headlines with its unique approach to facilitating cross-border payments and its partnerships with various financial institutions. But can XLM reach this price point in the coming weeks?

Stellar’s market performance

As the broader cryptocurrency market regains strength, Stellar (XLM) is emerging as a focus for investors. The combined market capitalization of cryptocurrencies has increased by an impressive 41.28% and now stands at $3.42 trillion. Amid this resurgence, Stellar has put in a remarkable performance, with its price up 4.69% in just 24 hours and up 21.42% over the past week.

Over the last month, Stellar has seen a remarkable growth of over 447% and has now entered the top 15 cryptocurrency list with a market cap of $16.38 billion. reported CNF. This performance not only positions XLM as one of the top gainers among the top 20 altcoins, but also raises expectations regarding its future development.

This suggests there is an opportunity for additional gains if buyers can take control and push the price above critical resistance levels, with the main resistance at $0.58, a potential upside target at $0.71 and the ultimate goal is to recapture January 2018 overall levels. Time high of $0.91. At press time, XLM price is up 12.23% at $0.5367, market cap is $16.16 billion, and daily trading volume is up 76% to $3.88 billion.

Factors that support XLM’s potential

Stellar excels at enabling fast, low-cost transactions in various currencies, including digital forms of the US dollar, euros and Bitcoin. Its open-source architecture allows developers to build applications such as blockchain wallets and crypto tokens. Stellar also excels in governance and has robust on-chain tools that promote transparency and community involvement in decision-making.

In addition, the advanced authentication methods and secure smart contract features place great emphasis on security. Taken together, these features position Stellar as a comprehensive financial platform designed to address real-world transaction challenges, rather than just a cryptocurrency. Partnerships with MoneyGram, Franklin Templeton and IBM increase the network’s credibility and drive adoption.

Additionally, Grayscale investments has relaunched its private placements for various altcoins, including Stellar, offering opportunities for corporate and institutional investors. This move by Grayscale highlights the growing institutional interest in Stellar as an investment vehicle and is in line with recent market developments. The US Federal Reserve’s reported decision to use Stellar Lumens as supporting infrastructure for its FedNow system is a major factor in the rise of XLM.

A technical analyst known as Charting type shared a forecast on X that XLM could reach price targets between $3 and $5, while other analysts warn of a consolidation phase. Charting Guy emphasized patience and noted that the current rally could lead to significant gains for long-term holders.

Other market participants have taken this upward move as a sign of renewed confidence in the asset’s potential. Jed McCalebFounder of the Stellar Development Foundation, believes that Stellar is the most underrated and least understood crypto project.

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