The price of Stellar (XLM) is in the spotlight as the broader cryptocurrency market is back on its feet, with combined capitalization soaring 41.28% to $3.42 trillion. While the majority of altcoins remain rejuvenated, Stellar price is among the most profitable. It jumped by 9.69% in 24 hours to $0.5204. Currently, the expectation remains whether the XLM price can hit $1 by December.
Can Stellar Price Reach $1 This December?
The bullish fundamentals surrounding the broader crypto market suggest this is possible. Over the past 24 hours, the Stellar price jumped from a low of $0.4753 to a high of $0.5478. In the past month, the coin jumped by over 447%, making it one of the best-performing altcoins in the top 20.
The monthly price action saw it trade at a very wide range from a low of $0.08952 to a high of $0.6342. Should XLM sustain the growth that came with the historic wide swing this Q4, pulling off the $1 feat is possible.
Earlier XLM price analysis explored the chances of XLM touching the $1 benchmark. Since its inception, the Stellar price has only traded at an All-Time High (ATH) of $0.9381 7 years ago. Amid the current bullish price outlook, the spot price is the highest it has recorded since mid-May 2021.
XLMUSDT 1D Price Chart. Source: CoinMarketCap/TradingView
However, the prospect for a sustained rally is high, as shown by the Moving Average Convergence Divergence (MACD) indicator in the XLM/USDT 1D chart. However, the Relative Strength Index (RSI) of 78 indicates that the coin is currently overbought. Therefore, Stellar’s price may face a short-term correction before the rally to a new high.
The Fundamental Boost
While the technical outlook for the Stellar price remains promising, a number of fundamental considerations also serve as a boost. As reported earlier by Coingape, Grayscale Investments opened private placements for several altcoins this week, including Stellar. This new product offering will grant corporate and institutional investors.
The Stellar protocol primarily focuses on enhancing crypto payments. However, it has been evolving recently with a grand plan to introduce smart contracts. The blockchain hopes to achieve this goal through the Soroban smart contract upgrade it set in motion months ago. Ultimately, Stellar hopes to get more integrated into the Decentralized Finance (DeFi) ecosystem and related innovation.
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