In the current market where many digital assets are struggling, analyst Peter Brandt singled out Stellar (XLM) as a potential favorite.
Overview of the Current Altcoin Market
Amid significant price declines, many altcoins remain in long-term downtrends. Brandt noted that over 95% of the 11,000 actively traded cryptocurrencies may prove worthless. According to CoinGecko, over 3.7 million tokens are already considered dead.
Technical Analysis of Stellar (XLM)
In his analysis, Brandt highlighted XLM noting the formation of a broad ascending triangle on the chart. The resistance level has held since early 2018, while lows have gradually trended higher, creating rising support. Brandt mentioned that the current monthly candle is approaching that horizontal resistance once again.
Prospects for XLM Amid the Altcoin Sector
Despite general pessimism towards altcoins, XLM demonstrates certain strength. According to Brandt, if the resistance level is breached, it could lead to significant growth, with the next target being the historic high of $0.9381.
Stellar (XLM) stands out amidst the general decline of other altcoins. Peter Brandt believes that XLM could become a significant player in the market if a key resistance level is breached soon.
