Stellar Lumens (XLM), the cryptocurrency powering the cross-border payment-focused Stellar Network, has regained its position as the best-performing cryptocurrency among the top 100 by market value in the last 24 hours, with a rally of approximately 24%.
Rise in Cryptocurrencies!
In the midst of a broader offering of specific altcoin names that have gained over 10% in the region, such as Optimism (OP), XRP (XRP), Maker (MKR), and BitDAO (BIT), XLM was recently trading near $0.16. While the cryptocurrency has not yet tested the highs around $0.20 it reached last week initially, following the positive ruling of Judge Torres on XRP, XLM still seems to be holding control as its trading volumes remain quite high.
According to CoinGecko, approximately $700 million worth of XLM has been traded on major exchanges in the last 24 hours. While some of Wednesday’s rallies may be attributed to optimism surrounding XRP, exciting news that enhances the token’s utility is likely providing additional tailwinds. Stellar announced a partnership with Fonbnk to convert 8 billion active prepaid SIM cards worldwide into virtual bank cards. Additionally, XLM still looks good from a technical perspective, according to experts.
XLM Data!
XLM has surpassed all of its major moving averages by a significant margin and has broken above key resistance levels, including the downtrend from mid-2022 and the previous peak in 2023. Assuming the bulls remain in control, XLM may soon need to reach the next major resistance area around $0.237-248.
This could mean easy short-term gains of around 50% from current levels. Assuming the bulls remain in control, XLM should soon reach the next major resistance area around $0.237-248. This could translate to easy short-term gains of approximately 50% from current levels.
