Stellar (XLM) Surges as Top Daily Gainer Among Cryptocurrencies

Read about the recent surge in Stellar (XLM) as it becomes the top daily gainer among cryptocurrencies. Discover the factors contributing to its growth and the anticipation surrounding the network's upcoming announcement.

Posted 7 months ago in Blockchain

An image featuring a rising chart.

Stellar (XLM), the native crypto asset of the Stellar blockchain, has experienced an impressive 8% increase over the past 24 hours. This surge is particularly noteworthy as most cryptocurrencies have been on the decline, with only a select few seeing minor gains recently.

At the time of writing, XLM is priced at $0.13, reflecting a 4.44% increase in the last day. Among the top 100 cryptocurrencies based on market capitalization, Stellar stands out as the largest daily gainer. Over the past seven days, XLM has risen by an impressive 15.56%, contrasting with the marginal gains seen by most other altcoins.

The surge in XLM's value began on September 2 when the Stellar blockchain hinted at an upcoming development for its network. Since then, the token has witnessed consistent growth and positive momentum. After bouncing back from its lowest level in eight weeks at $0.111, XLM has seen six out of seven days closing in the green.

Excitement has been building within the Stellar community as the network's big announcement is scheduled for September 12, just three days away. This anticipation has been amplified by Stellar's previous investment in MoneyGram, increasing intrigue around what changes the payment network will unveil.

As XLM continues to surge, some analysts believe it could face resistance at the $0.133 level. However, if bulls manage to consolidate the price increase, further gains may be on the horizon. Conversely, a support level exists at $0.111 in case of profit-taking and a potential price reversion.

Last updated 9/10/2023, 3:20:20 PM


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