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- An analyst highlights XLM’s potential for a 471% gain using Fibonacci Extension Levels during a bullish market.
- Stellar’s partnerships and smart contract developments strengthen its ecosystem, expanding its role in DeFi and cross-border transactions.
Stellar (XLM) has recently gained traction among cryptocurrency enthusiasts, owing to both price activity and continuing project advancements.
Popular crypto analyst Javon Marks makes a noteworthy analysis based on Fibonacci Extension levels and past performance during a complete bullish market: Stellar has promise. Marks estimates XLM might rise to $2.12, a stunning 471% rise.
Under an even more hopeful future, he speculates that XLM might reach $8, therefore redefining the benchmark for the asset.
Stellar: Recent Market Performance and Strategic Advances
Stellar’s price trend has lately displayed mixed signs, though. XLM dropped 10% over the last week; its Relative Strength Index (RSI) almost reached the oversold area. This fall sparked questions over additional lower movement should the $0.351 support level fail to hold.
Meanwhile, XLM is trading at about $0.3532 as of writing, a meager recovery of 1.64% over the last 24 hours, which drives its market capitalization back beyond the $10 billion mark.
Beyond just price action, Stellar has advanced its project development and strategic alliances significantly. The Stellar Development Foundation said on October 15, 2024, that Mastercard would be joining Mastercard Crypto Credential into the Stellar network via a cooperation.
As we previously highlighted, this project uses public blockchain systems to authenticate interactions between users and companies, therefore improving the security and simplicity of cross-border transactions. Leveraging Stellar’s low fees and quick transaction settling features, the cooperation mostly concentrates on remittances and peer-to-peer transactions.
Apart from its recent cooperation with Mastercard, Stellar has a history of significant alliances. Especially, Stellar’s usability has been much enhanced by its partnership with MoneyGram International, originally reported in October 2021 and operational by June 2022.
Using Stellar’s blockchain technology and USD Coin (USDC) for real-time settlement, this alliance helps MoneyGram consumers all over conduct transactions more quickly.
Further reinforcing its ecosystem, Stellar debuted “Soroban” earlier this year—a smart contract tool meant to improve the functionality of the network. Soroban marks a turning point toward extending Stellar’s ecosystem into decentralized finance (DeFi) by letting developers create decentralized apps (dApps) on the Stellar network.
