Brian Goldberg, host of the Inside Stellar podcast which addresses the events and trends of the Stellar (XLM) blockchain, conducts an interview series titled 'Stellar people building Stellar projects'. Yesterday he sat down with amateur technical analyst and trader Yannick Laplante from Canada. The two discussed basic technical analysis tools, the first steps of a digital assets trader and 'the elephant in the room' - crypto price predictions.
Descending channels, ascending channels
Yannick Laplante told the anchor that he got involved in cryptocurrency in 2017, investing in Bitcoin (BTC) as advised by his business partner. Then, instead of just HODLing, he decided to start exploring the underlying mechanisms of blockchain and cryptocurrencies. Losing a significant portion of his investment in 2018, he shifted to technical analysis.
Now, as a daily trader and Stellar (XLM) ecosystem enthusiast, Mr. Laplante prefers investing in early-stage Stellar-based products. Speaking on the dynamics of the Stellar Lumens (XLM) price, he is ultra-bullish. He explained that he utilizes 'channels' as a simple technical analysis tool.
Every asset can stay either in an ascending or descending channel, which means that in macro business cycles, the price of this asset is likely to go up or down respectively.
For Stellar Lumens (XLM), Mr. Laplante sees an ascending channel with clear evidence of future growth. The coin entered this channel in 2015-2016 and if it continues then the
price prediction for this year would be new all-times-high with $3 in six months (...) In 2021-2022, Stellar (XLM) could reach hundred dollars.
It should be remembered that at printing time the asset is selling at $0.07 with an ATH of $0.87 confirmed on January 3rd, 2018.
By the way, this splendid rally may be followed by a very severe correction within which the asset could lose up to 50% of its gainings. So, Mr. Laplante highlighted that he is investing in Stellar (XLM) not only due to the price speculation but also because he shares the values of the Stellar Foundation and appreciates the manner in which it is managed.
In contrast, he criticized the idea and technology behind Bitcoin (BTC), admitting he doesn't 'believe Bitcoin is the future of money'. He also named some promising projects from the Stellar (XLM) ecosystem that mostly address the sphere of real-world asset tokenization.