Veteran commodity dealer Peter Brandt has opined that Stellar (XLM) may find yourself changing into “a rock star.”
Brandt has shared a bullish chart exhibiting that XLM is presently within the strategy of forming a big symmetrical triangle.
The token is now approaching the higher line of the triangle, that means that it may doubtlessly expertise a breakout within the close to future.
Brandt has recognized a possible goal of $1.51 for the favored altcoin.
XLM’s massive second
As reported by U.As we speak, XLM not too long ago managed to outperform the Ripple-linked XRP token throughout the July rally. The 2 tokens are often put in the identical “psychological basket” resulting from affiliation with billionaire Jed McCaleb (who co-founded Ripple and later pivoted to Stellar).
As of now, XLM is ranked because the sixteenth greatest cryptocurrency by market capitalization because it stays forward of Chainlink 
LINKUSD and Hedera (HBAR).
The token has slipped by 4% over the previous week after hitting a brand new document excessive of $0.52 on July 18 on the Binance change. It’s presently down by 16% from that native peak.
95% of cash will turn into “nugatory”
On the identical time, Brandt is satisfied {that a} whopping 95% of all actively traded cryptocurrencies will ultimately be nugatory. He has disparagingly labeled some tokens as pet rocks and Beanie Infants, referring to toy fads.
The legendary commodity dealer has famous that 3.7 million cryptocurrencies are already lifeless.
He’s satisfied that half of the actively traded cryptocurrencies are overvalued.
That mentioned, it looks like XLM may doubtlessly flip this metaphor by changing into a rock star if the aforementioned bullish sample finally ends up taking part in out.
The chartist has modified his tune on the token after beforehand predicting that it will turn into “principally nugatory.”
