Stellar Lumens (XLM), the cryptocurrency that powers the cross-border payments-focused Stellar Network, has regained its spot as the best-performing cryptocurrency in the top 100 by market capitalization over the last 24 hours, having rallied around 24% over this time period.
XLM was last trading close to $0.16, higher amid a broader bid in select altcoins names that has seen the likes of Optimism (OP), XRP (XRP), Maker (MKR) and BitDAO (BIT) gain in the region of 10% over the last 24 hours.
The cryptocurrency is yet to retest the highs it hit last week near $0.20, when it initially rallied on US judge Torres’ favorable XRP ruling.
But the bulls appear to remain in control, with XLM trading volumes still highly elevated.
Over the last 24 hours, nearly $700 million worth of XLM changed hands across major exchanges, as per CoinGecko.
Stellar Partners with Fonbnk to Help Out Africa’s 350 Million Unbanked
While XRP-related optimism is likely behind some of Wednesday’s rally, exciting news that boosts the token’s utility is also likely providing tailwinds.
Stellar just announced that they have partnered with Fonbnk to turn 8 billion active prepaid SIM cards globally into virtual debit cards.
“Once users load prepaid airtime credits onto Fonbnk wallets, those credits are on-ramped onto the Stellar network, digitized into tokens named MIN which can then be turned into USD Coin (USDC),” Stellar said in a tweet.
Price Prediction – Where Next for Stellar Lumens (XLM)?
XLM is still looking very good from a technical standpoint.
It is way above all of its major moving averages and its spike last week saw it break above key resistance levels including a downtrend from mid-2022 and the earlier 2023 double-top.
Assuming the bulls remain in control, XLM should soon hit its next major resistance area in the $0.237-248 zone.
That could mean easy near-term gains of around 50% from current levels.
Stellar Lumens (XLM) Alternatives to Consider
Investors should always be on the lookout to diversify their crypto holdings.
One high-risk-high-reward investment strategy that some investors might want to consider is getting involved in crypto presales.
This is where investors buy the tokens of up-start crypto projects to help fund their development.
These tokens are nearly always sold very cheap and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
Here is a list of 15 of what the project deems as the best crypto presales of 2023.
See the 15 Cryptocurrencies
Disclaimer: This section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
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