Stellar Lumens (XLM), the cryptocurrency powering the cross-border payment-focused Stellar Network, has regained its place as the best-performing cryptocurrency in the top 100 by market capitalization over the past 24 hours, having risen around 24% over the past 24 hours. this period of time.
XLM last traded near $0.16, higher amid broader bidding in select altcoin names that has seen gains like Optimism (OP), XRP (XRP), Maker (MKR), and BitDAO (BIT) in the region of 10% over the last 24 hours.
The cryptocurrency has yet to retest the highs it hit last week near $0.20, when it initially rallied on XRP’s favorable ruling by US Judge Torres.
But the bulls appear to be in control, with XLM trading volumes still very high.
In the last 24 hours, almost $700 million worth of XLM changed hands on major exchanges, according to CoinGecko.
Stellar partners with Fonbnk to help the 350 million unbanked Africans
While XRP-related optimism likely behind some of Wednesday’s rally, exciting news boosting the token’s utility is also likely to provide tailwinds.
Stellar has just announced that it has partnered with Fonbnk to convert 8 billion active prepaid SIM cards worldwide into virtual debit cards.
“Once users load prepaid airtime credits into Fonbnk wallets, those credits are transferred to the Stellar network, digitized into tokens called MIN which can then be converted into USD Coin (USDC),” Stellar said in a tweet. .
Price Prediction: What’s Next for Stellar Lumens (XLM)?
XLM still looks great from a technical point of view.
It is well above all of its major moving averages and its peak last week saw it break above key resistance levels, including a downtrend from mid-2022 and the previous double top from 2023.
Assuming the bulls stay in control, XLM should soon reach its next major resistance area in the $0.237-248 zone.
That could mean easy short-term gains of around 50% of current levels.
Stellar Lumens (XLM) Alternatives to Consider
Investors should always be vigilant in diversifying their cryptocurrency holdings.
One high-risk, high-reward investment strategy that some investors might want to consider is to get involved in cryptocurrency pre-sale.
This is where investors buy the tokens of emerging crypto projects to help finance their development.
These tokens almost always sell very cheap and there is a long history of pre-sales bringing huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto app/platform.
If an investor can identify such projects, the risk/reward ratio of his presale investment is very good.
The Cryptonews team spends a lot of time looking at pre-sale projects to help investors.
Here is a list of 15 of what the project considers to be the best cryptocurrency pre-sales of 2023.
View all 15 Cryptocurrencies
Disclaimer: This section presents information from cryptocurrency industry players and is not part of the editorial content of Cryptonews.com.
