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- Peter Brandt predicts major XLM breakout toward $1.51 level
- XLM forms bullish triangle pattern, nearing key resistance zone
- Traders watch Stellar closely as breakout signal gains momentum
Stellar (XLM) is gaining fresh momentum as traders respond to a bullish chart analysis from veteran trader Peter Brandt. The respected analyst has identified a large symmetrical triangle pattern forming on the token’s chart.
Such a technical arrangement is synonymous with indicating potential sharp price adjustments. Brandt reckons that XLM is near the upper resistance of this structure, where a breakout can be expected.
In case the breakout is confirmed, Brandt posits a probable rally to $1.51, a level which he opines is technically feasible. Such a goal has attracted traders who believe in the opportunities offered by Stellar in its setup.
XLM gained popularity in the July rally and was beating down tokens such as XRP. Jed McCaleb, a Ripple co-founder and founder of Stellar, related the two assets.
XLM hit resistance at Binance at a high of $0.52 at the highest point of the rally and sold off by approximately 16 percent. Nevertheless, despite such a decline, the token still ranks among the first 20 cryptocurrencies by market size.
Stellar is currently the 16th token, ahead of Chainlink and Hedera. Although the token plunged 4 percent this week, traders are still assessing its breakout potential.
The charting has raised a lot of discussion in trading circles. Most people are now monitoring Stellar’s action around the resistance zone, as Brandt has seen.
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Peter Brandt Shifts View on XLM as Breakout Nears
Peter Brandt’s current analysis of Stellar has markedly changed compared to his previous notions. He earlier cautioned that XLM may become useless.
Brandt had categorized XLM in the same category as other altcoins, which he characterized as speculative and non-useful. His new chart, however, is now more encouraging.
Even now, he remains critically inclined toward the entire crypto industry. Brandt believes that only five percent of the cryptocurrencies will endure to gain value.
In his estimation, over 3.7 million tokens have already been lost. However, he believes that Stellar can be the exception to such a trend.
This tone is causing traders to focus more on XLM. The token’s recent formation and resistance test are causing speculation of an impending breakout.
As the XLM approaches an important technical level and Peter Brandt indicates the potential $1.51 breakout, attention towards Stellar is demonstrating rapid growth. Traders are holding on to tenterhooks to see the signs of confirmation.
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