Join Our Telegram channel to stay up to date on breaking news coverage
Stellar is a peer-to-peer decentralized network that facilitates cross-border transactions through distributed ledger technology.
With its utility token, XLM, Stellar links people, banks, and payment processors to enable the transfer and receipt of multiple cryptocurrencies and fiat currency.
XLM is bullish today, July 20, with an over 15% price increase in the last 24 hours. While the flagship cryptocurrency, Bitcoin, recedes from its $30,000 support with parallel losses, Stellar emerged as the second coin among top gainers.
However, given the heightened market volatility, will XLM sustain its rally and move higher? Let’s see.
XLM Past Price Movements
Stellar (XLM) price movement has been bullish over the past 30 days, bucking bearish trends with incredible momentum. The token’s current price is nearly 64% higher than its value 30 days ago when it traded at $0.07911.
CoinMarketCap’s Stellar/USD one-month chart shows a high leap between June 25 and July 13. XLM maintained bullish momentum within the period represented on the chart, with a sharp price surge from $0.09706 to $0.1542 on July 13, an over 58% increase in one day.
After that, Stellar’s price consolidated between $0.12 and $0.13 before another sharp surge to 12:am EST on July 20. At the quoted time, XLM recorded a sharp surge to $0.1787, a 39% increase from the $0.1287 recorded on July 19.
While the coin has witnessed a minute pullback, it hasn’t given up the bullish momentum. Technical analysis might hint at what to expect from XLM before the close of today’s trading session.
XLM Price Prediction Indicates Bullish Rallies Ahead
The chart above shows XLM is trading above the 50 and 200-day Simple Moving Averages (SMA), demonstrating a short and long-term bullish signal. Moreover, the token has formed green candlesticks, confirming its strong rally today.
Its Relative Strength Index (RSI) is 73, above the overbought region, suggesting high buying pressure on XLM. However, an overbought position might imply a possible trend reversal for the coin.
In addition, the RSI graph appears to be moving sideways, approaching the neutral position. Such movement suggests the bulls are about to surrender momentum to the bears, which could trigger the trend reversal for XLM.
However, the Moving Average Convergence/Divergence (MACD) stands tall above the signal line, with green histogram bars. This observation depicts a strong rally for XLM.
If market participants see more buying opportunities at this level, XLM could witness more rallies and probably break the $0.2 resistance.
Support And Resistance Levels
XLM has conquered the $0.127666 support level and trades above the $0.155140 support. However, it met a stiff resistance at $0.168005.
The token has found support at the $0.161640 as the bulls fight to break the $0.168005 resistance level.
A break above this resistance could take the token closer to $0.2 if the bulls sustain momentum. Otherwise, XLM may likely fall back to the $0.155140 support level.
Crypto Experts Are Bullish on XLM’s Short and Long-Term Price Actions
Coincodex is highly bullish on XLM’s long-term potential. The coin tracker predicted that the Stellar price would drop by 4.73% and reach $0.165560 by July 25. Coincodex based its prediction on Stellar’s historical price movements and BTC halving cycles.
According to the expert prediction, XLM would trade at a high of $0.178864 and a low of $0.137561 in 2024. In addition, Coincodex predicted that XLM would increase by 232.69% by 2025, reaching a high of $0.539836.
Also, the coin tracker says XLM price will surge 436.67% by 2030 and trade at a low of $0.224369 and a high of $0.875212.
According to this price prediction expert, Stellar (XLM) has a bullish outlook for 2024, 2025, through 2030. PricePrediction made its forecast by analyzing Stellar’s past price data and applying AI-assisted technical analysis.
According to the forecast, XLM’s price will reach a maximum of $0.17 and a minimum of $0.16 in 2023. However, the token will witness a boost in value in 2024 and trade at a high of $0.27 and a low of $0.23. Also, XLM will reach a maximum of $2.43 by 2030.
Factors That Might Influence Stellar (XLM) Price Movement
Like most cryptocurrencies, XLM’s price is subject to several factors, including market sentiment, ecosystem trends, regulatory outlook, and macroeconomic conditions.
Ecosystem developments
XRP’s recent bullish momentum emanated partly from several developments in the Stellar ecosystem. Stellar embarked on global partnerships with MoneyGram, Circle, and FonBnk to facilitate cross-border payments and to bring financial services to the unbanked.
These developments have boosted XLM’s popularity, usability, and trading activities, evident in its recent price movements. Chances are high that XLM’s price will increase if its parent organization, Stellar Foundation, ramps up efforts to expand its network.
Regulatory Outlook
Cryptocurrencies respond to negative and positive regulatory sentiment. However, since crypto is still a relatively novel industry, its regulatory atmosphere is cloudy as the government and enforcement agencies have yet to understand how best to oversee it.
The regulatory uncertainty has affected cryptocurrency prices, especially with the US SEC’s fight against crypto service providers.
However, Ripple Labs’ recent victory against the SEC in the nearly 3-year-long securities lawsuit improved the market sentiment. As such, most coin prices increase. Stellar (XLM), being a close relative to Ripple (XRP) as a payment protocol, benefited more from this buzz.
As of June 13, when the court announced the summary judgment, Stellar (XLM)’s price spiked over 58% as investor sentiment increased.
Macroeconomic Condition
Macroeconomic conditions, like inflation, recession, and currency devaluation, often affect the crypto market like the traditional finance market. Central banks are more inclined to raise interest rates to curb inflation, exerting pressure on investor spending, which affects the financial market, including crypto.
For instance, the US Federal Reserve’s hawkish inflation-curbing strategy escalated the crypto winter, crashing coin prices, including XLM.
However, as inflation reduces, as evident in the Consumer Price Index (CPI) data, the crypto market outlook has also improved, rubbing off on coin prices, including XLM. Chances are high that XLM will experience more rallies should inflation recede to the lowest point.
Best Stellar (XLM) Alternatives-Wall Street memes ($WSM)
While XLM’s price outlook appears bullish, investors might want to invest in new low-cap tokens with more short-term upside potentials. If you are among these, Wall Street Memes (WSM) might be worth considering.
Wall Street Memes represent the retail movement against Wall Street’s planned monopoly of financial markets. The $WSM token aims to legitimate devoted users as it becomes one of the largest groups in cryptocurrency highest social engagement.
It is well-known for its intriguing potential as it impacts the cryptocurrency stock market through group efforts. With the meme coins’ strength and social media platforms, $WSM seeks to mimic the camaraderie and passion that the GameStop short squeeze observed but in the cryptocurrency realm.
Additionally, the ERC20 meme coin encourages stock market trolling by investors using memes. The project’s team hopes to boost value through FOMO, community support, and social media hysteria.
Users can use decentralized finance (DeFi) prospects and a unique memetic appeal with Wall Street memes.
Features of $WSM
- Decentralized Finance (DeFi)
The Blockchain-based $WSM is a decentralized financial (DeFi) platform. With $WSM, you can easily access numerous financial services, including borrowing, lending, and yield farming, and still remain in control of your money,
- NFT Integration
$WSM has NFT integration in its ecosystem due to the non-fungible tokens (NFTs) popularity gain. With this, there are chances for one-of-a-kind digital artwork, collectibles, and gaming experiences, adding value for token holders.
- Memetic Nature
$WSM is approachable and appealing to many investors and enthusiasts due to its cheerful and lighthearted memetic nature. Its memetic trait generates a lot of curiosity and attention.
Presale Story of Wall Street Memes
Currently, Wall Street Memes have sold off tokens worth $16.3M in its final presales stage with a hard cap of $16.7M,
This reflects the increasing interest in the token and strong investor optimism for success. The $WSM token is live today, and 1 WSM equals $0.0319.
How to buy Wall Street Memes?
To purchase Wall Street Memes coins while it is still in its presale, go to its website and follow a few simple procedures, which we have outlined below.
- Create a software wallet compatible with Polygon (MetaMask or Trust Wallet).
- On a centralized exchange, buy USDT, ETH, MATIC, or BNB, then transfer the funds to your wallet. As an alternative, you could pay right on the exchange.
- Next, go to the Wall Street Memes website, select the cryptocurrency you’ll use to pay, copy the wallet address, and move on to the next step.
- Return to your wallet or exchange, click the send button, choose the cryptocurrency you want to use to make the payment, paste the wallet address, choose the amount to swap, and click Send.
- After the presale, you can visit the Wall Street Memes site and claim your token.
Related Articles:
- San Francisco Fed to Hire Crypto Expert for CBDC project
- Celsius Network Reaches Settlements, Progress Towards Asset Return and Bankruptcy Resolution
- Couple Accused of Laundering Bitfinex Funds Agree Plea Deal
Smog (SMOG) - Meme Coin With Rewards
Join Our Telegram channel to stay up to date on breaking news coverage
Staking
Bitcoin
Gaming
Best Coins
Buy NFTs