
Jakarta, Pintu News ā Data from CoinGecko shows that Stellar has experienced a significant rise of 288% in the past year.
This far surpasses the performance of other major cryptocurrencies such as Bitcoin and Ethereum , which only recorded annualized gains of 88% and 73%, respectively. Currently, Stellar is trading at $0.36, with price momentum seemingly slowing down since late August.
Stellar currently faces immediate resistance at the 50-day Simple Moving Average (SMA) at $0.416, followed by the $0.433, $0.49, and $0.52 levels. If all these hurdles are cleared, Stellar could potentially target a price of $1, which would mark an increase of 177% from the current price. The closest support is seen at the 200 daily SMA at $0.312, but market consolidation may still occur before any major moves.
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The Stellar network will undergo a major update with the launch of Protocol 23, known as Whisk, on September 3 at 17:00 GMT. This update is expected to provide the biggest boost to the developer experience (DX) since the launch of smart contracts on the platform.
Whisk will introduce eight new Core Advancement Proposals (CAPs) on Stellarās main network, which promise faster transactions, lower fees, and smoother scalability.
In an encouraging development, the Department of Commerce has begun incorporating economic data, including quarterly GDP data, into various blockchains, including the Stellar network. This represents the first time in crypto history that government economic data is being integrated into a blockchain.
This move not only shows confidence in blockchain technology, but also opens up new opportunities for Stellar to be used in wider financial and economic applications.
With all the updates and integrations underway, Stellar (XLM) shows significant potential for further growth. While there are some hurdles to overcome, its long-term prospects appear bright, especially with the growing adoption and recognition from the public and financial sectors.
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This content aims to enrich readersā information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an assetās past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.