- Peter Brandt sees XLM forming a powerful bullish triangle pattern.
- Stellar outperformed XRP in July, attracting renewed investor attention.
- XLM could surge to $1.51 if breakout is confirmed.
Stellar (XLM) could be on the verge of a significant price surge following a new analysis by seasoned commodity trader Peter Brandt. According to the veteran Trader, XLM is forming a large symmetrical triangle, a pattern often linked to significant market moves.
According to the chart provided by Brandt, the token almost touches the upper resistance line of the triangle, indicating that it might break out. When this technical formation is confirmed, Brandt believes that XLM may soar to a high of $1.51 price range which, according to him, is achievable.
The altcoin once picked up pace due to its performance compared to XRP during the rally in July. Both tokens are often linked with Jed McCaleb, an early employee of Ripple who has since dropped his interest in the former to concentrate on Stellar.
Although XLM dropped by 4 percent this week, the coin remains in the top 20 cryptocurrencies by market cap and is sitting in 16th position before Chainlink and Hedera.
At the rally, the price of XLM set a local high of $0.52 at Binance. But since then, it has declined by a 16 percent margin against that high. Yet, traders are keenly monitoring the chart since the token is testing the most crucial breakout area.
Source: Peter Brandit
Also Read: $9B in Bitcoin Sold Quietly—Now Tied to Forgotten 2011 Exchange Hack
Peter Brandt Reverses Bearish Stance Amid Market Skepticism
Peter Brandt, known for his sharp takes on crypto trends, has reversed his earlier bearish view on Stellar. He previously warned that XLM could become “basically worthless,” placing it among many altcoins he described as overhyped or fad-driven.
Despite this past criticism, Brandt now suggests that Stellar could emerge as a standout. His latest chart highlights a bullish outlook, contrasting with his general view of the crypto market, which he believes is overcrowded and overvalued.
He argues that 95 percent of active cryptocurrencies are likely to become worthless. Brandt also noted that over 3.7 million tokens have already disappeared from the market. Still, he sees potential in XLM as it breaks away from the broader trend.
With XLM showing strong technical signals and Peter Brandt shifting his outlook, the stage may be set for a significant price movement. While broader market caution remains, Stellar could be one of the few tokens poised for a breakout.
Also Read: Wall Street Expert Says ‘No Real Human’ Uses XRP, Sparks Outrage Online
