Stellar (XLM) is approaching a critical breakout point with a potential price target of $1.51, while expert trader Peter Brandt warns that 95% of cryptocurrencies may become worthless.
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Stellar (XLM) forms a large symmetrical triangle signaling a possible breakout soon.
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XLM outperformed Ripple’s XRP during the July rally and ranks 16th by market cap.
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Trader Peter Brandt highlights that 3.7 million cryptocurrencies are already dead, with half of active coins overvalued.
Stellar (XLM) nears breakout with $1.51 target as 95% of cryptocurrencies face worthlessness. Stay informed with COINOTAG’s expert crypto analysis.
Why Is Stellar (XLM) Positioned for a Major Breakout?
Stellar (XLM) is currently forming a large symmetrical triangle pattern, a technical indicator often preceding significant price moves. Veteran trader Peter Brandt has identified this pattern, suggesting XLM could soon break above the upper boundary. This breakout could propel the token toward a target price of $1.51, marking a substantial gain from its recent levels.
How Has XLM Performed Compared to Other Cryptocurrencies?
XLM recently outpaced Ripple’s XRP during the July rally, a notable achievement given their shared history linked to Jed McCaleb. Currently ranked 16th by market capitalization, XLM maintains a lead over Chainlink (LINK) and Hedera (HBAR). Despite a 4% decline over the past week and a 16% drop from its July 18 peak of $0.52 on Binance, XLM’s overall momentum remains strong.
What Does Peter Brandt Say About the Future of Cryptocurrencies?
Peter Brandt, a respected commodity trader, predicts that approximately 95% of all actively traded cryptocurrencies will eventually become worthless. He likens many tokens to fleeting fads such as pet rocks and Beanie Babies. Brandt notes that 3.7 million cryptocurrencies have already failed, and he believes half of the remaining active coins are significantly overvalued.
Can XLM Defy the Odds and Become a ‘Rock Star’?
Brandt has revised his previous stance on XLM, moving from skepticism to a bullish outlook. If the symmetrical triangle breakout materializes, XLM could defy the broader market trend of failure and emerge as a leading altcoin. This shift highlights the token’s potential to outperform despite widespread market challenges.
Frequently Asked Questions
What is the significance of the symmetrical triangle pattern for XLM?
The symmetrical triangle pattern indicates consolidation and potential for a breakout. For XLM, this suggests a possible strong upward price movement if it breaks above the triangle’s upper boundary.
Why does Peter Brandt believe most cryptocurrencies will become worthless?
Brandt argues that many cryptocurrencies lack fundamental value and are driven by hype, leading to inevitable failure similar to past toy fads. He estimates that 95% will lose all value over time.
How to Monitor XLM’s Potential Breakout
- Watch the price approach the upper line of the symmetrical triangle.
- Look for increased trading volume signaling momentum.
- Confirm a breakout with a daily close above the triangle boundary.
- Set target price near $1.51 as indicated by technical analysis.
Key Takeaways
- XLM is forming a bullish symmetrical triangle pattern: signaling a potential breakout soon.
- Expert trader Peter Brandt predicts 95% of cryptocurrencies will become worthless: highlighting market risks.
- XLM could defy market trends: with a target price of $1.51 if the breakout occurs.
Conclusion
Stellar (XLM) stands at a pivotal moment in the crypto market, with technical indicators pointing toward a possible breakout and a price target of $1.51. While the broader market faces significant challenges, including the likely demise of most cryptocurrencies, XLM’s strong fundamentals and recent performance suggest it could emerge as a top contender. Investors should monitor key breakout signals closely and stay informed through trusted sources like COINOTAG.
