XLM Price Prediction June 2024: How High Will XLM Go?
As Bitcoin is displaying steady pattern, the whole market is somewhat steady. This positive trend is helping many altcoins recover quickly. However, while Stellar (XLM) is showing signs of a bullish reversal, it’s still having a hard time gaining the momentum needed for a breakout rally. Let's take a look at this XLM price prediction June 2024.
How has the XLM Price Moved Recently?
Today, Stellar (XLM) is priced at $0.098265, with a 24-hour trading volume of $49.07 million and a market cap of $2.85 billion, giving it a market dominance of 0.12%. Over the past 24 hours, XLM’s price has risen by 1.07%.
Stellar hit its all-time high of $0.930121 on January 4, 2018. Its lowest price ever was $0.001227 on November 18, 2014. Since the all-time high, the lowest price it reached was $0.02766 (cycle low), and the highest price since then was $0.796465 (cycle high). Currently, the sentiment for Stellar price prediction is bearish, while the Fear & Greed Index stands at 71 (Greed).
Stellar has a circulating supply of 28.98 billion XLM, out of a maximum supply of 50 billion XLM. The yearly supply inflation rate is 7.76%, meaning 2.09 billion XLM were created in the last year.
Is Stellar (XLM) Price poised for a substantial surge?
Stellar (XLM) is revolutionizing cross-border transactions and remittances, making global money transfers more accessible. Its growth is boosted by strategic partnerships with major players like the Ukrainian government for creating a digital asset ecosystem, VISA for accelerating payments in Africa, and collaborations with MoneyGram and Techstars. Recently, XLM's price has rallied due to Ripple's partial victory in its SEC lawsuit, sparking renewed interest. This momentum could drive Stellar's price further.
How High Will XLM Go?
Predicting how high Stellar (XLM) might go involves analyzing its recent performance and market indicators. Over the past year, XLM has seen a 26% increase in price, which shows moderate growth. However, it has been outperformed by 78% of the top 100 crypto assets, indicating that many other cryptocurrencies have had stronger performances during the same period. Additionally, XLM has not kept pace with Bitcoin and Ethereum, which have shown more robust growth.
Currently, XLM is trading below its 200-day simple moving average, a technical indicator suggesting that it is in a bearish trend. In the last 30 days, XLM has had 14 green days, meaning it has experienced gains on 47% of the days. This indicates some positive momentum, but not strong enough to indicate a significant bullish trend.
XLM is down 89% from its all-time high of $0.930121, showing that it has a long way to recover to previous peak levels. Its market cap indicates medium liquidity, meaning there is a decent amount of activity but not enough to suggest a highly liquid market that could rapidly drive up prices. The yearly inflation rate of 7.76% suggests that new XLM tokens are being created at a moderate rate, which could put some downward pressure on prices if demand does not keep up with the increasing supply.
Given these factors, while XLM has shown some growth, its underperformance relative to top cryptocurrencies, its position below the 200-day moving average, and the moderate liquidity all suggest that significant price increases may be challenging in the short term. However, with renewed interest and strategic developments, there is potential for XLM to reach around $0.24 by the end of 2024, provided market conditions improve and investor confidence grows.
Is XLM a good buy in 2024?
Deciding whether XLM is a good buy in 2024 requires careful consideration of its recent performance and market indicators. Over the past year, XLM has increased by 26%, yet it has underperformed compared to 78% of the top 100 crypto assets, including Bitcoin and Ethereum. Currently trading below its 200-day simple moving average suggests a bearish trend, and with only 47% of the days in the last month being green, the positive momentum appears limited.
XLM is significantly down from its all-time high, indicating potential for recovery but also highlighting substantial past declines. Its medium liquidity and yearly inflation rate of 7.76% suggest moderate market activity and a steady increase in supply, which could impact price stability. While XLM's strategic partnerships and potential for renewed interest are promising, these factors collectively suggest that XLM may face challenges in achieving significant price increases in the short term. Therefore, XLM could be a cautious buy for 2024, with the understanding that it carries a higher risk and is likely dependent on broader market improvements and increased investor confidence.
How to Buy Stellar (XLM)?
Purchasing XLM is simple and can be done on various cryptocurrency exchanges. Here's a step-by-step guide to get you started:
1. Choose an Exchange: Select a reputable cryptocurrency exchange that supports XLM, such as Bitget.
2. Create an Account: Register for an account on the chosen exchange. You will need to verify your identity by providing personal information and necessary documents.
3. Deposit Funds: Add funds to your account. Most exchanges accept deposits in fiat currencies (like USD or EUR) or other cryptocurrencies.
4. Buy XLM: Go to the trading section of the exchange, find the XLM trading pair (e.g., XLM/USD), and place your buy order. You can either buy at the current market price or set a limit order at your desired price.
5. Secure Your XLM: After purchasing, transfer your XLM to a secure wallet.
