Legendary Trader Peter Brandt Thinks XLM Could Become a Rock Star
Main Idea
Legendary trader Peter Brandt identifies Stellar (XLM) as a potential standout cryptocurrency despite his skepticism towards most altcoins, citing its long-term ascending triangle formation and technical indicators suggesting a possible breakout.
Key Points
1. Peter Brandt believes over 95% of the 11,000 actively traded cryptocurrencies may become worthless, but he singles out Stellar (XLM) as a potential exception.
2. XLM has formed a broad ascending triangle over multiple years, with resistance holding since early 2018 and gradually higher lows.
3. The ADX indicator for XLM is at 45.17, signaling strengthening trend conditions and a potential peak.
4. XLM is currently trading around $0.42900, just below a major long-term resistance level, with a breakout potentially targeting its all-time high of $0.9381.
5. Brandt's focus on XLM is notable given his general skepticism towards altcoins, suggesting it could perform remarkably in a weak altcoin cycle.
Description
In a market where thousands of digital assets struggle to reclaim even a fraction of their former highs, one analyst is watching Stellar (XLM) with renewed optimism. Over the past several years, most altcoins have experienced substantial drawdowns, and many remain in long-term downtrends. However, a recent technical analysis from veteran trader Peter Brandt has highlighted Stellar Lumens (XLM) as a possible exception, suggesting a significant move could be on the horizon. Every crypto_nerd has h...
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