Veteran trader Peter Brandt has shared his thoughts on the potential of Stellar (XLM), asserting it could become a 'rock star' in the cryptocurrency market.
Potential of Stellar (XLM)
Peter Brandt presented a bullish chart showing that Stellar is currently forming a large symmetrical triangle. The token is approaching the upper line of the triangle, which may lead to a breakout in the near future. Brandt identified a potential target for XLM at $1.51.
Comparison with XRP
Asreported by U.Today, in the recent rally, XLM managed to outperform the XRP token, which is usually considered alongside it due to its association with billionaire Jed McCaleb, who co-founded Ripple and later pivoted to Stellar. As of now, XLM ranks as the 16th largest cryptocurrency by market capitalization, ahead of Chainlink (LINK) and Hedera (HBAR).
General Cryptocurrency Market
Brandt also expressed concerns regarding the overall state of the cryptocurrency market, believing that 95% of all actively traded cryptocurrencies will ultimately become worthless. He noted that 3.7 million cryptocurrencies are already dead and that half of the actively traded tokens are overvalued.
Thus, despite the pessimistic forecasts for most cryptocurrencies, XLM has the potential to emerge as a standout asset in its segment if Brandt's bullish scenario materializes.
