Stellar (XLM) may be positioned for a significant price surge following new analysis from veteran trader Peter Brandt. The expert points to the formation of a large symmetrical triangle, often indicative of potential market movements.
Bullish Triangle Formation
Peter Brandt noted that XLM is forming a large symmetrical triangle, which is often associated with significant market moves. He believes the token is close to breaking through the upper resistance line of the triangle. If this technical signal is confirmed, he predicts that XLM price could rise to the $1.51 range.
Pros and Cons of XLM
Despite a 4% drop this week, Stellar remains in the top 20 cryptocurrencies by market capitalization, holding the 16th position. In July, the token showed strong performance compared to XRP, attracting renewed investor interest. However, following a local high of $0.52, the price of XLM has declined by 16%.
General Trends and Expert Opinions
Peter Brandt previously expressed a bearish outlook on XLM, referring to it as 'basically worthless'. However, he has since reversed his stance, suggesting that XLM could be one of the few tokens poised for a breakout. He warns that 95% of active cryptocurrencies may soon become worthless due to market saturation.
In light of the new analytical data and Peter Brandt's shift in perspective, XLM may become one of the few tokens capable of showing significant growth in the near future.
