HomeNewsStellar's 2024: Will XLM's Mainnet Upgrade Ignite a Price Surge?

Stellar’s 2024: Will XLM’s Mainnet Upgrade Ignite a Price Surge?

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  • Stellar (XLM) shows resilience with a positive price shift and plans for Protocol 20 upgrade.
  • Analyze XLM’s current price, market cap, and potential for a substantial surge in 2024.

In the ever-evolving world of cryptocurrencies, Stellar (XLM) is making waves with its upcoming mainnet upgrade to Protocol 20. This development signals the need for businesses and developers to prepare for the upgrade, leaving investors curious about the potential impact on XLM’s price in 2024.

How has the Stellar Price moved in recent days?

Currently priced at $0.133156, with a 24-hour trading volume of $85.52 million, Stellar holds a market cap of $3.76 billion and a market dominance of 0.21%. Over the last 24 hours, XLM has surged by 4.27%.

Stellar’s price history reveals its all-time high of $0.930121 on January 4, 2018, and its all-time low of $0.001227 on November 18, 2014. The cryptocurrency experienced an all-time high since the last cycle low, reaching $0.796465.

Market sentiment currently suggests a bullish trend for Stellar, with a Fear & Greed Index score of 71, indicating greed.

With a circulating supply of 28.27 billion XLM out of a maximum supply of 50 billion XLM, Stellar maintains its position in the Stellar Network sector as the top cryptocurrency and ranks 17th in the Layer 1 sector.

Is Stellar (XLM) Price poised for a substantial surge?

Stellar lumens have initiated an uptrend, breaching the $0.1201 mark and surpassing the $0.1249 resistance area against the US Dollar. The price momentum continued beyond the $0.1301 hurdle and the 55 simple moving average (4 hours), reaching $0.1378 before a corrective decline below the $0.133 support level.

At present, the price hovers above the 50% Fibonacci retracement level from the $0.1207 swing low to the $0.1381 high, positioned above $0.1249 and the 55 simple moving average (4 hours). A bullish trend line offers support around $0.1279 on the 4-hour chart.

Resistance is expected at the $0.1313 zone, followed by a significant barrier at $0.1349. A decisive breakthrough above $0.1349 could propel the price to $0.1377. Further gains may lead to $0.1420 or even $0.1500.

Initial support lies at $0.128, with significant support at $0.1250 or the 76.4% Fibonacci retracement level. Sustained losses might drive the price to $0.1200 soon.

Will Stellar price explode in 2024?

Stellar (XLM) has demonstrated remarkable growth in the past year, witnessing an 86% price increase. Its position above the 200-day simple moving average indicates a sustained positive trend. Although XLM outperformed 54% of the top 100 cryptocurrencies in the past year, it lags behind assets like Bitcoin and Ethereum.

Despite impressive gains, XLM remains 86% below its all-time high, indicating potential for recovery. Its medium liquidity, determined by market capitalization, adds stability to its trading environment.

However, with a yearly inflation rate of 10.01%, Stellar faces the challenge of balancing growth with inflation. Investors will closely monitor whether Stellar can capitalize on its recent positive momentum and regain ground against its peers.

Is XLM a good buy in 2024?

Stellar’s upcoming mainnet upgrade, scheduled for January 30, 2024, aims to enhance functionality, performance, security, and stability. Stellar has actively disseminated a guide for businesses and developers to prepare for the upgrade.

XLM’s appeal lies in its real-world utility, particularly in international payments. Its current position at an all-time low offers an attractive entry point for potential profits. The current price of $0.13 presents an opportunity for investors seeking substantial returns.

Considering strategic positioning in XLM could allow investors to capitalize on its growth potential in 2024.

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Nikita Dmitrievich
Nikita Dmitrievichhttps://www.ethnews.com/
Nikita, a young and ambitious crypto investor who has been actively involved in the cryptocurrency world for the past 6 years. With a keen interest in blockchain technology, Nikita has been investing in various cryptocurrencies and has seen significant returns on his investments. He is passionate about educating others on the potential of cryptocurrencies and frequently shares his insights on social media platforms. Nikita believes that cryptocurrencies are the future of finance and is constantly researching new projects to invest in. With his dedication and knowledge, Nikita is quickly becoming a prominent figure in the crypto community. Business Email: info@ethnews.com Phone: +49 160 92211628