Stellar (XLM) Could Potentially Break Out Amid Predictions of Widespread Crypto Decline, Says Analyst
Main Idea
Stellar (XLM) is nearing a potential breakout with a price target of $1.51, while expert trader Peter Brandt predicts that 95% of cryptocurrencies may become worthless.
Key Points
1. Stellar (XLM) is forming a symmetrical triangle pattern, indicating a possible breakout with a target price of $1.51.
2. XLM outperformed Ripple’s XRP during the July rally and is currently ranked 16th by market capitalization.
3. Peter Brandt predicts that 95% of cryptocurrencies will lose all value, citing historical trends of failed assets.
4. XLM's breakout could be confirmed by increased trading volume and a daily close above the triangle boundary.
5. Despite a recent 4% weekly decline and a 16% drop from its July peak, XLM's overall momentum remains strong.
Description
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