The world of cryptocurrencies is full of compelling stories. Today, the market has put forward a new contender that, according to veteran trader Peter Brandt, could outshine them all. Let us wish it luck!
Crypto enthusiast Peter Brandt has named an unexpected favorite in the digital asset space, one that he believes could surpass its rivals during the ongoing bull rally. That favorite is Stellar.
“Every crypto nerd has his/her/its own pet rock or Beanie Baby. I believe 95%+ of the 11,000 actively traded coins will become near worthless – your pet rock included. Only about 50% of most actively traded cryptos are trading at greater than 10% of their peak value. One coin I think could become a rock star is XLM,” Brandt stated.
To support his view, the expert shared a chart of Stellar’s (XLM) price movements, highlighting a bearish formation, namely, a descending triangle. The fact that Brandt singled out this particular digital asset suggests a positive outlook for XLM.
According to preliminary projections, the price of this altcoin is expected to decline slightly and break below the lower boundary of the pattern. From a technical standpoint, drawing a trendline through Stellar’s two previous peaks shows that the cryptocurrency could rise to $0.60 during the current bullish trend. At present, the coin is trading at $0.44, meaning a purchase at this level could yield a 36% return.
According to CoinGecko, 3.7 million coins have already been permanently lost. Nonetheless, Brandt believes that Stellar will avoid the same fate.
