Stellar Lumens (XLM), the cryptocurrency that powers the cross-border payments-focused Stellar network, has regained its spot as the top-performing cryptocurrency in the top 100 by market capitalization over the past 24 hours, having risen around 24% over that time.
XLM was last trading near $0.16, higher amid a broader bid on some altcoin names that saw gains like Optimism (OP), XRP (XRP), Maker (MKR) and BitDAO (BIT) of around 10% in the past 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 seem to be in control, with XLM trading volumes still very high.
Over the past 24 hours, nearly $700 million worth of XLM has changed hands on major exchanges, according to CoinGecko.
Stellar partners with Fonbnk to help the 350 million unbanked people in Africa
While XRP-bound optimism is likely driving part of Wednesday's rally, exciting news that bolsters the token's utility is also likely to provide tailwinds.
Stellar has just announced its partnership with Fonbnk to turn 8 billion active prepaid SIM cards worldwide into virtual debit cards.
“Once users upload prepaid airtime credits to Fonbnk wallets, those credits are accelerated on the Stellar network, digitized into tokens named MIN which can then be transformed into USD Coin (USDC),” Stellar said in a tweet.
Price Prediction - What's Next For Stellar Lumens (XLM)?
XLM is still very beautiful from a technical point of view.
It is well above all its major moving averages and its peak last week saw it break through key resistance levels, including a downtrend from mid-2022 and the previous double top of 2023.
Assuming the bulls remain in check, XLM should soon hit its next major resistance zone at the $0.237-$248 area.
This could mean easy short-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.
A high-risk, high-reward investment strategy that some investors might consider is to get involved in crypto pre-sales.
This is where investors buy the tokens of early-stage crypto projects to help fund their development.
These tokens are almost always sold at very low prices and there is a long history of pre-sales offering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a breakthrough 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 going through pre-sale projects to help investors.
Here is a list of 15 of what the project considers to be the best crypto pre-sales of 2023.
See the 15 cryptocurrencies
Disclaimer: This section features information from crypto industry players and is not part of the editorial content of Cryptonews.com.